SouthWest NanoTechnologies Inc. (SWeNT), a leading manufacturer of single-wall, few-wall and multi-wall carbon nanotube materials for printed electronics, energy storage and composites applications has received $2.7 million in new financing in two transactions. Approximately $1.7 million was received as part of a $4 million round of convertible notes. An additional $1 million was received from a venture debt transaction.
The funds will be used to expand production capacity at its Norman, Oklahoma plant and to fill approximately eight available positions for scientists, engineers and technical support personnel.
"We need to add to our capacity to meet the demand for our Specialty Multi-wall (SMW) products driven by our strategic partnerships and distribution agreements," said SWeNT President Dave Arthur. "This additional funding will also be used for R&D to develop additional carbon nanotube materials and inks that meet customer specifications."
The $1.7 million is part of a $4 million financing of convertible notes, which will convert into Series C Preferred Stock. Funding was provided in part through Steifel Nicolaus, supported by Trinity Wealth Partners. The $1 million venture debt funding was completed with Novus Capital Group, LLC.
Strategic investors in SWeNT currently include Panasonic Venture Group and Itochu Plastics, as well as private equity firms Insight Technology Ventures, SOS Ventures of Dublin, Ireland and Berwind Private Equity.
About SouthWest NanoTechnologies
SouthWest NanoTechnologies (SWeNT) is a leading manufacturer of single-wall, few-wall and multi-wall carbon nanotube materials for printed electronics, energy storage and composites applications. With its patented CoMoCAT® catalyst technology and scalable, low-cost manufacturing methods based on fluidized-bed catalytic CVD, SWeNT produces carbon nanotubes with superior control over structure, purity, and optoelectronic properties. For more information, please visit www.swentnano.com, or call 405-809-6262.
Source: SouthWest NanoTechnologies Inc