The NanoSteel Company, a leader in nano structured steel materials design, announced that General Motors Ventures LLC has invested in the company.

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.

Mr Jon Lauckner, GM's chief technology officer, vice president of Global R&D and president of GM Ventures LLC, said that "We are investing in NanoSteel because of the opportunity associated with their new steel alloy technology. 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.

Dave Paratore president and CEO of NanoSteel said that "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. 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 US Corporate Average Fuel Economy standards.

Source - NanoSteel

(www.steelguru.com)