News / Press Releases
RNT Secures Additional $7.5M Financing From Masdar Clean Tech Fund
Funds to be used to expand production capacity and grow global sales distribution and support structure
Hunt Valley, MD - May 27, 2008 - Reactive NanoTechnologies, Inc. (RNT), developer and manufacturer of its patented NanoFoil®, announced it has secured an additional $7.5M in financing led by partners of the Masdar Clean Tech Fund. The Masdar Clean Tech Fund invests in companies with promising clean tech, advanced energy and sustainability-related technologies, and is managed by Credit Suisse in collaboration with the Abu Dhabi Future Energy Company, Consensus Business Group and Siemens AG. This Fund focuses on the development and commercialization of technologies in renewable energy, energy efficiency, carbon management and monetization, water usage and desalination.
This funding will be used by RNT to ramp production of its patented NanoFoil® material and NanoBond® process to meet the demands of a growing customer base. Additionally, this investment will accelerate the expansion of sales and distribution into Asia, Europe and the Middle East.
“The Masdar Fund leverages the ’Masdar Initiative’ which aims to accommodate the fundamental changes underway in the global energy balance, and to contribute substantially to sustainable development through significant investment in new technologies, research and specialist education. RNT is directly in line with this initiative with the development of NanoFoil and we are happy to include them in our portfolio,” said Nadim Barakat, Managing Director of Credit Suisse.
“The excitement surrounding our patented NanoFoil® and NanoBond® technologies continues to grow,” said Joe Grzyb, CEO of RNT. “We have demonstrated significant value to our customers and partners, particularly in the bonding of sputter targets for photovoltaic and flat panel display manufacturing. We welcome Masdar to the RNT team and are pleased with the deep market knowledge and key relationships in the clean energy space that they bring to our company.”
About RNT
Headquartered in Hunt Valley, Maryland, Reactive NanoTechnologies, Inc. (RNT) was founded in 2001 by engineering veterans Timothy P. Weihs, Ph.D., who now serves as Chief Technical Officer, and Omar M. Knio, Ph.D., who is RNT’s Senior Vice President.
RNT is a venture financed company that develops and manufactures NanoFoil®. NanoFoil® is used to precisely control the instantaneous release of heat energy for joining and reaction initiation applications that current technology can not effectively or economically address. The company has also developed its patented NanoBond® joining process to ensure the benefits of NanoFoil® are maximized. Mass production of NanoFoil® for joining and energetics applications is taking place from RNT’s onsite manufacturing facilities, supported by a worldwide sales, support, and distribution network. RNT has signed licensing agreements with a number of Fortune 500 Companies. Its breakthrough technology has also earned several prestigious awards including the 2005 “R&D 100” from R&D Magazine, the 2005 Nano 50™ from NASA Nanotech Briefs Magazine and recognition in The National Nanotechnology Initiative Strategic Plan in December 2004. For more information please visit www.rntfoil.com.
About the Masdar Clean Tech Fund
The Masdar Clean Tech Fund LP is a $250M investment vehicle made-up of commitments from the Abu Dhabi Future Energy Company, Consensus Business Group, Credit Suisse and Siemens AG. The fund will leverage Abu Dhabi’s larger alternative energy initiative, known as the “Masdar Initiative” that was launched in March 2006. The Masdar Initiative is Abu Dhabi’s multi-faceted project to champion the development of advanced energy technologies and promote diversified and sustainable economic growth. The initiative leverages Abu Dhabi’s considerable financial resources and energy expertise into innovative solutions for cleaner, more sustainable energy production and resource conservation. For more information visit, www.masdarctf.com
For more information please visit: www.rntfoil.com