Horizon Technology Finance closed a $10 million venture loan facility to The NanoSteel Company. NanoSteel will use the proceeds for general working capital purposes.
“We are pleased to provide NanoSteel with a venture loan facility to support the company’s continued development and commercialization of its proprietary advanced materials,” stated Gerald A. Michaud, president of Horizon. “NanoSteel’s portfolio of patented steel alloys delivers exceptional mechanical properties in sheet steel for automotive lightweighting and powders for the 3D printing of industrial components, and makes for an exciting investment opportunity in our high quality venture loan portfolio.”
David Paratore, president and CEO of NanoSteel, stated, “We welcome the financial partnership of Horizon, an experienced venture lender with a strong balance sheet and long track record of supporting dynamic growth-oriented companies, such as ours. Horizon’s $10 million venture loan facility provides us with growth capital to achieve near term commercial scale and product qualification milestones.”
NanoSteel is an advanced materials company specializing in the design and commercialization of patented steels with exceptional mechanical properties derived from their nano-scale microstructure.