Forge Nano Receives $10M Investment from GM Ventures to Pursue GM Battery Material Enhancements for Future Electric Vehicles

Capital investment into Forge Nano now exceeds $100M; GM joins VW, LG, Hanwha and Mitsui Kinzoku as shareholders

GM plans to utilize Forge Nano's Atomic Armor surface engineering platform technology to pursue battery cathode material enhancements

DENVER, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Forge Nano, Inc., a materials science company that uses its Atomic Armor™ Atomic Layer Deposition technology to optimize material performance to enable better products, today announced a $10M investment from GM Ventures, the venture arm of General Motors (NYSE:GM). The investment adds to its previous $50 million Series C with participation from Hanwha (KRX: 000880), Orion Infrastructure Capital (NYSE:ORN), Catalus Capital and Ascent Funds. The company has raised more than $100 million to date with additional investments from Volkswagen (OTC:VWAGY), Mitsui Kinzoku (OTC:MMSMY), LG Technology Ventures (KRX: 003550), Sumitomo Corporation of Americas (OTC:SSUMF), Air Liquide (OTC:AIQUY) and SBI Investment (OTC:SBHGF).

The GM Ventures investment positions Forge Nano to further enhance its Atomic Armor platform technology, which allows for the application of thin coatings to the surface of materials or objects to enhance the underlying substance's performance and durability. Forge Nano intends to continue to expand its battery material coating business, which includes in-house active material coating services, external equipment sales and production of Atomic Armor-powered battery cells, as well as expand its footprint in semiconductors.

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