Modumetal Raises $14 Million to Meet Growing Demand and Expand into Automotive and Sustainable Energy End Markets

SEATTLE, Feb. 7, 2022 /PRNewswire/ -- Modumetal, a leading provider of nanolamination coating technologies, today announced it has raised $14 Million in Series A-2 funding led by Atlas Innovate and Rotor Capital. Modumetal also added two independent members to its Board of Directors: Tushar Porwal, an automotive industry leader and current Head of Manufacturing for BrightDrop, GM's brand of electric commercial vehicles; and Robert Workman, an oil and gas industry executive and current CEO and Director of PSS Industrial Group.

Modumetal will use the funding to further accelerate commercialization of its oil and gas coating solutions, scale its operations, and expand its customer base in new key industries that include automotive and sustainable energy end markets. The company is rapidly expanding production capabilities as it has achieved specifications across most of the largest oil and gas and engineering, procurement, and construction companies in the industry.

Modumetal is also developing licensing partnerships to grow into new markets and drive adoption of new products. The first nanolamination systems that Modumetal has commercialized provide corrosion resistance, durability, and increased strength that far exceed the capabilities of other commercially available coating systems today. There is a multibillion-dollar worldwide market for Modumetal's technology.

"We are revolutionizing nanolaminated materials, making industrial products more corrosion resistant to withstand the harshest environments on the planet and supporting new industrial capabilities that would not be possible without Modumetal," said Dennis Creech, Chief Executive Officer of Modumetal. "This latest funding will enable us to continue scaling our business to meet the increased demand from a growing number of industrial customers, including global companies in the energy and automotive sectors. I look forward to working with our investors and with Tushar and Robert to seize on the many opportunities in front of us."

Porwal and Workman will join existing board members from Modumetal's latest investor group including Alain Rothstein and Drew Gardner of Atlas Innovate and Rich Keller and Ed Lee of Rotor Capital.

"The Modumetal team has done an incredible job of developing this groundbreaking technology platform. Their first coating systems are fully commercialized and have proven corrosion performance in the field that dramatically exceeds anything else available on the market," said Rothstein. "The company is well-positioned to support large-scale infrastructure projects and enable new capabilities in the next markets we're going after. We're excited to support Modumetal's growth and look forward to working with Dennis, our growing board, and the team."

Modumetal's products are produced through a patented, sustainable manufacturing process that enables the production of nanolayered materials at an industrial scale and at a competitive price. Modumetal's initial products include:

• NanoGalv^® - A zinc-nickel nanolaminate technology that has been deployed for commercial use in corrosive service and high strength applications.
• NanoPlex^® - A nickel-cobalt nanolaminate technology that has been deployed commercially to address corrosion and wear resistance in subsurface applications.

About Modumetal
Founded in 2007, Modumetal solves the limitations of current metals in corrosion and wear. Its patented manufacturing process brings nanolamination technology to industrial scale applications to produce metals that are superior in corrosion and wear performance but are comparable in cost to conventional metals and coatings. Modumetal is headquartered in Snohomish, Washington, and has a production facility in Houston, Texas. For more information, please visit: https://www.modumetal.com/

Press Contact:
Joe LoBello
LoBello Communications
[email protected]

SOURCE Modumetal