Carbon nanotube supplier completes $11.5 million funding round

Carbon nanotube supplier completes $11.5 million funding round

Business news |
By Peter Clarke

Founded in 2001, Nano-C raised an undisclosed amount of growth finance in 2012 led by Fortinalis Partners. The latest round of funding recognizes that demand for carbon nanotubes, fullerenes and their derivatives is growing for use in memory, computing, solar panels, displays and medicine.

Nano-C said it will use the latest funding to increase support for existing and future customers and to implement an initial increase in production and staffing at its Westwood factory. Customers, including Irresistible Materials Ltd. and Nantero Inc., make use of Nano-C’s materials and are preparing to lauch products based on the them.

“We are excited that Ray [Stata] will join the board as an observer. We look forward to his advice and guidance as we continue to grow our business,” said Viktor Vejins, CEO of Nano-C, in a statement.

The Performance Materials Division of the German industrial giant Merck KGaA (Darmstadt, Germany) plans to use a custom molecule developed at Nano-C within polymers for flexible organic photovoltaic (OPV) devices. Supply contract negotiations between Nano-C and OPV device manufacturers are underway.

In addition Nano-C has been working with an unnamed display manufacturer to qualify transparent carbon nanotube films as reinforcement for indium tin oxide (ITO) for use in flexible screens. Initial tests with a commercial ITO film manufacturer show over a 30x improvement in mechanical durability.

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