Forge Nano, formerly PneumatiCoat Technologies, a Colorado-based startup that has innovated a breakthrough technology to enable precision nano coatings at scale for manufacturing of products such as Lithium Ion (Li-Ion) battery materials,has closed a Series A investment of $20 million to expand its manufacturing capacity and fuel rapid growth.
Townsend Capital, LLC, a privately held investment company that funds emerging technologies in the energy sector, led the investment round. Townsend Capital has a 40-year history investing across a broad array of industries. With several positions in the energy storage space, Townsend Capital provides excellent visibility to the market and a wealth of experience within the market sector.
According to Paul Lichty, Ph.D., founder & CEO of Forge Nano, “We are thrilled to have an investment partner with an established track record share our vision and help us accelerate our development to integrate this technology into commercial products.”
Forge Nano was founded in 2013 by three Ph.D.s whose research revolutionized nano-coating technology. Previously too expensive, slow and complex for conventional product manufacturing, the group made nano-coatings fast, affordable and scalable. A nano-coating is an ultra-thin layer which improves how materials perform by engineering surface interfaces one atom at a time. These coatings can be designed to meet customer specifications for a variety of benefits from corrosion resistance to improving viscosity, and conductivity.
Forge Nano’s business plan initially focuses on growth in the Lithium-Ion battery sector, where the company’s proprietary technology is already resulting in high-value improvements in battery performance, longevity, safety and cost. Their coatings can increase cathode material lifetimes more than 250% while enabling larger capacity battery chemistries. To meet customer demand, Forge Nano will immediately use its financing to relocate to a new 12,000 sq. ft. facility in Louisville, Colorado and increase manufacturing capacity from the current 30-ton per-year pilot plant to a 300-ton per-year light commercial production plant. In 2017, Forge Nano is set to start on a 3,000-ton per-year heavy commercial production plant capable of meeting demand volumes and price points for large-scale integration into the Li-ion market. Development will also be accelerated in other markets including catalysts, fuel cells, and many more advanced materials opportunities.
Due to mobile device proliferation, vehicle and grid electrification, the Li-ion battery industry is a rapidly growing $20 billion global market. Widespread adoption of Li-ion batteries has faced challenges due to performance and safety issues. The benefits of Forge Nano’s precision coatings include much greater safety, especially in extreme situations such as high temperature operation, and prevention of thermal runaway. Additionally, Forge Nano’s technology can enable higher capacity, longer lifetimes, and faster charge rates, all while reducing cost. Simply a much better battery at a lower price.
“Our new company name, Forge Nano, embodies our vision to enable materials solutions that will change the world,” said Lichty. “We are focused and well-positioned for accelerated growth as we push the boundaries of nano-coating technology and manufacturing to create a new class of advanced materials that will impact all industries around the world.”
