Eastern Province

Aramco invests in NanoMech

Dhahran-headquartered Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabia’s national oil company, has granted $10 million in capital to US firm NanoMech for leading its Series C Financing round.  

This capital infusion and relationship will significantly accelerate NanoMech’s manufacturing, sales and product development. NanoMech uses nanotechnology to develop advanced products for industrial and mechanical applications – such as lubricants, coatings and specialty chemicals. These products have enabled a step change in performance, efficiency and reliability in multiple industries such as energy, transportation, aerospace, manufacturing, automotive, agricultural equipment and military. 

NanoMech has validated and commercialised its innovations to iconic world-leading businesses and has completed scale up of its smart factory and labs. Several Fortune 100 and emerging companies have incorporated NanoMech’s nano-engineered solutions, to create disruptive and higher-performance products. The announcement represents NanoMech’s most significant milestone in the continued validation and authentication of its unique technology.

“NanoMech is honoured to achieve this recognition and investment by the world’s largest energy company. Building on current momentum, NanoMech will use this financing and relationship to expand our global reach, invest in additional sales and marketing resources, and increase investment in our market leading nanotechnology platforms, nGlide, GuardX, TuffTek, and nGuard,” said NanoMech chairman and CEO Jim Phillips.

“Response to NanoMech’s technology at Saudi Aramco and several of our major suppliers has been very positive. A platform technology like NanoMech’s has significant potential to bring innovation not only to the energy sector, but also to many other critical industries,” according to Cory Steffek, managing director, North America, SAEV.

Deborah Wince-Smith, CEO of the US Council on Competitiveness and NanoMech board member, said Aramco’s investment would transform the productivity paradigm for sustainable global energy production and accelerate NanoMech’s position as the global leader in advanced nanotechnology. 

Dr Ajay P Malshe, CTO and founder of NanoMech, added: “Our patented multi-functional solutions increase performance, durability and reliability – achieving top machine performance like never before.”