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Posted: July 27, 2009
SouthWest Nano Gets $3 Million Equity Infusion for Carbon Nanotube Products
(Nanowerk News) SouthWest NanoTechnologies Inc. (SWeNT), a leading developer and manufacturer of Single-wall Carbon Nanotubes and Specialty Multiwall Nanotubes will receive up to a $3 million equity infusion from the Insight Technology Capital Partners, LP, (Insight) a Growth Capital Fund based in Troy, Michigan.
SWeNT will use the proceeds from this equity investment from the Insight 2811 Technology Entrepreneur Fund managed by Insight to develop, manufacture and market new products as well as its current portfolio of carbon nanotube offerings.
SWeNT expanded production with a new manufacturing facility in Norman, Oklahoma late last year, increasing its single-wall carbon nanotube production capability 100-fold at one-tenth the unit cost. Its scalable, low-cost CoMoCAT® process ensures consistent high quality and the flexibility to provide tailored products.
SWeNT also has an applications development center in the Route 128/Boston, Massachusetts area, where SWeNT can work with customers on integrating SWeNT nanotubes into their products. Single and multi-wall carbon nanotubes consist of a hollow cylinder of carbon with a diameter equal to approximately one nanometer – a billionth of a meter. Carbon nanotubes possess extraordinary optical and electronic properties, tremendous strength and flexibility, and high thermal and chemical stability. Today, carbon nanotubes are used in a wide range of applications in the automotive, aeronautics, electronics, displays, energy and healthcare markets.
In announcing their investment, Insight Principal Joe Nathan said, “We welcome the opportunity to support SWeNT’s continued development as a world leader in carbon nanotechnology. Their leadership in product quality and performance, coupled with their proprietary scalable synthesis process, convinced us that SWeNT is the right vehicle for investment in this burgeoning area of materials technology.”
“Insight is an ideal investment partner for SouthWest NanoTechnologies,” explains Dave Arthur, CEO. “They bring extensive financial resources, broad industry knowledge and a successful track record of investing in advanced materials companies. We look forward to working together and benefitting from their advice, counsel and contacts.”
SouthWest NanoTechnologies (SWeNT) is a privately-held specialty chemical company that manufactures high quality single-wall and specialty multiwall carbon nanotubes for a range of products. SWeNT was created in 2001 to spin off nanotube research developed at the University of Oklahoma.