STEEL: G.M. Invests in Nano-structured Steel
Tuesday, August 7th, 2012
General Motors Ventures LLC is reported to have invested in the NanoSteel Co., Providence, R.I., joining other investors in the developer of steel alloys said to provide materials that are thinner, lighter in weight, but maintaining high strength and structural integrity. Terms of the investment were not disclosed.
“We are investing in NanoSteel because of the opportunity associated with their new steel alloy technology,” said Jon Lauckner, GM’s chief technology officer, v-p of Global R&D and president of GM Ventures LLC. “Over the next several years, light-weighting of vehicles will be a major focus area to improve fuel economy. NanoSteel’s nano-structured alloys offer unique material characteristics that are not available today, making them a potential game-changer.
NanoSteel claims that over its 10-year history it has developed progressive generations of iron-based alloys from surface coatings to monolithic steel. This has resulted in a new patented class of steel that allows automotive engineers to reduce weight through a new steel design that offers alternatives to other lightweight materials that may cost more and require new investment in tooling.
“GM Ventures investment in NanoSteel demonstrates its confidence in our company’s potential to achieve widespread impact on the auto industry through our proprietary steel designs,” said Dave Paratore, president and CEO of NanoSteel. “With the support of General Motors’ automotive expertise and technology leadership, we can accelerate the final phases of development of our nano-structured AHSS in the quest to economically lightweight vehicles.”
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