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ABOUT General Motors
General Motors, one of the worlds largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in more than 120 countries. GM and its strategic partners produce cars and trucks in 31 countries, and sell and service these vehicles through the following brands: Baojun, Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Isuzu, Jiefang, Opel, Vauxhall, and Wuling. GMs largest national market is China, followed by the United States, Brazil, the United Kingdom, Germany, Canada, and Russia. GMs OnStar subsidiary is the industry leader in vehicle safety, security and information services.
GM Ventures Invests in NanoSteel
- Breakthrough design for automotive advanced high-strength steel
- Performance capabilities could be ‘game changer’ for $100 billion-plus automotive steel market
(3BL Media) Detroit, MI- August 6, 2012 - General Motors Ventures LLC has invested in The NanoSteel® Company, a leader in nano-structured steel materials design.
GM Ventures, a General Motors subsidiary created to invest in promising 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, light-weighting 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.”
Through the development of patented alloys, NanoSteel has created a new class of steel that allows automotive engineers and designers to reduce weight through the use of thinner, higher strength gauges while maintaining the structural integrity needed for safety. NanoSteel’s new steel design is an alternative to other light-weighting materials which 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.”
Reducing vehicle weight is critical to automakers in achieving higher fuel efficiencies and meeting rigorous new U.S. Corporate Average Fuel Economy standards.
About General Motors Ventures
General Motors Ventures, LLC, is a subsidiary designed to help the company identify and develop innovative technologies in the automotive/transportation sector. General Motors Ventureshas been funded with an initial investment of $100 million, and is currently exploring equity investments in a number of auto-related technologies and business models. More information can be found at www.gmventures.com.
About The NanoSteel Company
NanoSteel is the world leader in proprietary nano-structured steel material designs. Over its ten-year history, NanoSteel has created progressive generations of iron-based alloys from surface coatings to monolithic sheet. For the oil & gas, mining, and power industries, NanoSteel has successfully introduced commercial applications of metallic coatings to prolong service lifetime in the most extreme industrial environments. For the automotive industry, NanoSteel has achieved a significant breakthrough in the development of nano-structured sheet steel with unparalleled strength and ductility. NanoSteel is a privately held company funded by lead shareholdersEnerTech and Fairhaven Capital. For more information, visit www.nanosteelco.com or follow us on Twitter @NanoSteelco.