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US company Forge Nano has successfully raised over $50 million in its recent funding round, with Korea's Hanwha Corporate Venture Capital leading the investment. Other participants included Orion Infrastructure Capital, Catalus Capital, Ascent Funds, and existing investors. This funding brings Forge Nano's total capital raised to date to over $95 million.
The funds will enable Forge Nano to seize the growing opportunities in commercial-scale nanotechnology for battery materials and establish a battery production line capable of meeting the demand for premium batteries. The company plans to commence construction of a pilot battery production line in the second quarter of 2023, catering to various industries such as aerospace, consumer electronics, and defense.
Forge Nano's proprietary technology, known as Atomic Armor, is widely employed in battery applications for vehicles, aerospace, consumer electronics, defense, and other high-end Li-ion users. With this new funding, Forge Nano aims to further develop and scale its Atomic Armor technology within the lithium-ion market, enabling the company to offer finished battery solutions at scale.
The funding will also enhance Forge Nano's capabilities in applying Atomic Armor across different industries. By expanding its manufacturing footprint and allocating more resources to customer support, the company expects to increase its production capacity fivefold while improving tool production efficiency through the integration of digital management infrastructure.
Forge Nano has recently formed strategic partnerships with prominent U.S. material producers and battery off-takers, highlighting the capabilities of its proprietary nanocoating technology, Atomic Armor. These partnerships aim to develop next-generation batteries and strengthen the U.S. domestic battery supply chain. For instance, Forge Nano's collaboration with Anovion, a U.S.-based battery material producer, combines Forge Nano's surface engineering expertise with Anovion's synthetic graphite to create industry-leading lithium-ion batteries.
The company foresees substantial revenue growth in 2023 and expects to double its revenue once again through increasing market adoption. Forge Nano's Atomic Armor technology empowers manufacturers to engineer materials at the atomic level, optimizing battery characteristics such as range, safety, and cycle life. With a team of experienced scientists and a broad portfolio of commercial partners, Forge Nano offers tailored solutions across the entire spectrum, from small-scale research and development to large-scale, high-volume production.
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