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Monday, October 2, 2023

Hanwha Aerospace invests in fund for Forge Nano

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Hanwha Aerospace said Tuesday it is joining a $50 million fund for a U.S. materials science company that owns a unique nano-coating technology for secondary batteries and energy storage systems for use in mobility vehicles and commercial vessels.

Hanwha Aerospace is participating in a round of Series C funding for Forge Nano, a Colorado-headquartered company, as a lead investor, along with a handful of others, including Catalus Ventures and Ascent Funds, the aircraft engine making unit under South Korea’s Hanwha Group said in a release.

Forge Nano plans to use the funds to bolster facility investment, including the project for an envisioned 1 gigawatt-hour second pilot factory.

Forge Nano, which started off as a research lab at the University of Colorado in 2011, has developed a proprietary nano-coating technology that can enhance the life span of secondary batteries for use in automotive vehicles, aircraft, urban air mobility and ships.

Volkswagen A.G. said in 2019 it was investing $10 million in Forge Nano.