GM Ventures, a General Motors subsidiary created to invest in automotive technologies, joined lead shareholders EnerTech Capital and Fairhaven Capital Partners and five existing investors to complete the Series C financing round. Terms of the GM Ventures investment were not disclosed.
“We are investing in NanoSteel because of the opportunity associated with their new steel alloy technology,” said Jon Lauckner, GM’s chief technology officer, vice president of Global R&D and president of GM Ventures LLC. “Over the next several years, lightweighting of vehicles will be a major focus area to improve fuel economy. NanoSteel’s nano-structured alloys offer unique material characteristics that are not available today, making them a potential game-changer.”
NanoSteel produces a new class of steel that allows automotive engineers and designers to reduce weight through the use of thinner, higher strength gauges while maintaining structural integrity. The steel product is an alternative to other lightweight materials that may cost more, require new investment in parts production and have performance limitations.
“GM Ventures investment in NanoSteel demonstrates its confidence in our company’s potential to achieve widespread impact on the auto industry through our proprietary steel designs,” said Dave Paratore, president and CEO of NanoSteel. “With the support of General Motors’ automotive expertise and technology leadership, we can accelerate the final phases of development of our nano-structured AHSS in the quest to economically lightweight vehicles.”