Evonik invests in US-based Nanotech Industrial Solutions
Evonik Industries has invested through its venture capital arm in Nanotech Industrial Solutions, Inc. (NIS) headquartered in Avenel (NJ, USA) and now holds a minority share in the company. The parties have agreed not to disclose the volume of the transaction. NIS plans to use the proceeds for further growth of the company. Evonik received a seat on the Board of Directors of NIS. The company, which was founded in 2012, has commercialized a unique particle technology for the lubricants industry and believes to be an emerging leader in high-performance lubricant additives.
NIS produces oil additives for engine oils, oil and water formulations for metalworking fluids, industrial oils and additive formulations for greases. NIS’ patented technology releases nanostructured materials under certain physical conditions. According to the company the unique morphology significantly improves friction and wear properties, resulting in a substantial contribution of the technology to resource efficiency of cars, power plants and industrial plants. "By investing in this company, Evonik gains access to inventions in a unique particle technology in lubricants", said Lutz Stoeber, responsible for Evonik’s Venture Capital activities in North America. An additional strategic fit to Evonik results from the potential of the new technology to bring groundbreaking inventions to the lubricants market.
As part of the investment, NIS and the Oil Additives Business Line completed a commercial agreement. "Evonik believes that the investment will enable the fulfilment of ever more demanding customer requirements," states Ralf Düssel, head of the Oil Additives Business Line. "What’s more, access to the technology of NIS opens up further development opportunities for our current products as well as new products in our existing and future markets," he emphasized.
"Today’s announcement marks a key milestone in NIS’ journey to take cutting edge nanotechnology into the lubricant industry. Working together, we [NIS] and Evonik will take transformational products to market in the lubricant additives industry and beyond", commented Eugene Kverel, President and CEO of NIS.
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