American Metal Market Highlights NanoSteel’s Latest Fundraising Round
- February 14, 2017
NanoSteel Raises Funds for AHSS, by Grace Lavigne
NEW YORK — NanoSteel Co. has closed a round of equity investment that raised funds for the company’s advanced high strength sheet steel (AHSS) for automotive lightweighting applications.
The equity investment was led by General Motors Ventures LLC, Detroit, and included new investors Lear Corp. and SPDG, in addition to the company’s existing major shareholders, according to Providence, R.I.-based NanoSteel.
Lear Corp. is a Southfield, Mich.-based Tier 1 supplier of automotive seating and electrical systems, and SPDG is a Brussels-based investment vehicle for the Périer-D’Ieteren family, which co-controls the D’Ieteren Group. The D’Ieteren Group owns a major car importer in Belgium, as well as Belron, a vehicle glass repair and replacement company that operates Columbus, Ohio-based Safelite Group Inc.
“After initial testing of NanoSteel’s AHSS, we are optimistic about its potential to contribute lighter materials for our vehicle seating structures,” Lear president, chief executive officer and director Matthew J. Simoncini said in a Feb. 13 statement. “Helping our customers meet their fuel economy targets is a clear priority for Lear, and we are enthusiastic supporters of new, lighter-weight solutions that would allow us to use our current manufacturing infrastructure.”
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