December 18, 2019
PAO Severstal, one of the world’s leading vertically integrated steel and
mining companies, announced that its venture capital arm, Severstal Ventures,
has made a minority investment in Modumetal, Inc., the leader in the innovation
and commercialization of a novel class of nanolaminated alloys. Severstal
Ventures joins existing Modumetal stakeholders, including Vulcan Ventures, BP
Ventures, Founders Fund, Steel Dynamics, ConocoPhillips, Chevron Technology
Ventures and others.
Using proprietary nano-layering technologies, Modumetal is commercializing a
new class of nanolaminated metals and materials that are stronger and lighter,
more corrosion resistant and durable than conventional steels and alloys.
Modumetal alloys have been shown to extend the lifespan of assets, reducing
maintenance costs and increasing productivity for industrial customers across a
wide range of applications.
“We are delighted to invest in Modumetal, which is at the very cutting edge
of metals innovation. We envision that Modumetal can be used in high value-add
products that could both reduce costs of production and further enhance the
performance of conventional steels. For instance, Modumetal coatings have shown
to deliver over 10 times more corrosion resistance compared to existing
technology. What is crucially important for us, Modumetal has not only achieved
broad industry acceptance of its patented and ultra-high performance
nanolaminated alloy materials, but it too has realized a sustainable
manufacturing process that can reduce the impact of metals production on the
environment,” said George Gogolev Head of Severstal Ventures.
Andrey Laptev, Director of Business Development and Corporate Venture
Projects at Severstal added: “This deal is closely aligned with Severstal’s
strategic focus on new business opportunities. By increasing our exposure to
the latest global technologies we go beyond just producing high-quality but
conventional steel products. As we expect great potential for Modumetal alloys
on Russian market we consider launching new productions in Russia based this
innovative technology to proposed our clients metal performance they have never
seen before. Such investments allow us to continuously expand the company’s
competitive advantages and drive innovation in our industry.”
Severstal Ventures has already invested before into two high profile venture
funds – Pangaea Ventures and Chrysalix Venture Capital, which have given the
company access to a sustainable pipeline of startups and technologies as well
as one company that develops innovative steel-based alloys e.g. with properties
equivalent to stainless steel. Severstal Ventures’ annual investments amount to
around 25 million dollars.About Modumetal
Modumetal, Inc. is pioneering an entirely new class of metals and materials
that are ushering in a new Age of Metals, with applications spanning energy,
infrastructure, marine and automotive. Modumetals are made using a novel
process and are unlocking unprecedented materials performance for structural
parts and coatings. Modumetal can reduce environmental impact through the
efficiency and performance of its alloys, and in 2019 was named among the
Unreasonable Impact fellowship of companies focused on addressing major UN
Sustainable Development Goals. Modumetal’s NanoGalv® alloy products have
been extensively specified for global industrial applications with partners and
users including ExxonMobil, BP, Chevron, ConocoPhillips, Steel Dynamics and
others. To learn more, please visit
www.modumetal.com.
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