NanoSteel Launched as New Advanced Nanomaterials Company
April 24, 2003
MAITLAND, Fla. (Thursday, April 24, 2003) - MILCOM Technologies, Inc. (MILCOM) announces the launch of their latest venture, The NanoSteel Company, in partnership with Idaho National Environmental and Engineering Laboratory (INEEL).
“It is very gratifying to see a technology developed at our lab become such an exciting and innovative commercial product,” said Lyman Frost, INEEL Technology Transfer Director. “Our relationship with MILCOM will allow us to fully capitalize on the technical assets of INEEL in this and future new ventures.”
The NanoSteel Company designs and manufactures advanced nanomaterials that address wear, abrasion, erosion, corrosion and cavitation challenges, by applying patented nanomaterial technology that won an R&D 100 award for INEEL and recognition for its inventor, Dr. Daniel Branagan.
The company’s first commercial product, Super Hard Steel® (SHS), was released for commercial distribution earlier this year and offers a combination of wear, corrosion and erosion properties that is unique among thermal spray coatings, including its ability to bond strongly to copper and aluminum.
“To say that NanoSteel employs a ‘disruptive technology’ would be completely appropriate,” commented Joe Buffa, Chief Executive Officer. “Our initial product, SHS, can increase the durability and life cycle of a multitude of products in various industries. Initial interest in this product has been phenomenal.”
This is MILCOM’s first partnership with INEEL, a globally renowned research and development (R&D) facility, operated for the Department of Energy.“NanoSteel is just one example of the technology developed by INEEL’s vast R&D resources,” said Jason Rottenberg, MILCOM’s Vice President of Marketing and Business Development. “We are very excited about the far-reaching possibilities that this relationship offers and look forward to exploring future new venture opportunities with INEEL and other Department of Energy Laboratories.”
MILCOM and their investors have provided NanoSteel with nearly $3 million in their initial round of financing. Formed in 1997, MILCOM Technologies has launched 13 affiliate companies, which have attracted over $600 million in venture investment. NanoSteel was launched as part of the MILCOM's advanced materials initiative, which includes a primary focus on nanotechnology. MILCOM also focuses on other significant market opportunities in the areas of power and energy, communications, information technology, security and healthcare technologies. About MILCOM Technologies, Inc. MILCOM Technologies is an Institutional Entrepreneur that conceives, creates, capitalizes, and launches new ventures in partnership with various leading-edge R&D sources by leveraging diverse industry knowledge, deep technology expertise, venture capital networks and a proven commercialization processes. For more information on MILCOM, visit www.milcomtech.com.
The NanoSteel Company specializes in the design, synthesis and processing of advanced nanomaterials to provide solutions for industry and government wear, abrasion, erosion, corrosion and cavitation challenges. For more information, visit www.nanosteelco.com.
The Idaho National Environmental & Engineering Laboratory (INEEL) is a national laboratory dedicated to supporting the U.S. Department of Energy’s (DOE) missions in national security, environment, energy and science. INEEL is operated for the DOE by Bechtel BWXT Idaho, LLC, in partnership with BWX Technologies Company and the Inland Northwest Research Alliance. For more information, visit www.inl.gov.
For more information about NanoSteel, visit www.nanosteelco.com.