Posted in | Nanobusiness

MMFX Technologies Corporation Receives Financing from Institutional Investors

Published on June 18, 2008 at 11:32 AM

MMFX Technologies Corporation, an Irvine-based materials science company that, among other things, uses nanotechnology to manufacture high-strength, corrosion-resistant steel, has received a $55 million commitment in secured debt financing. Axiom Capital Management Inc. acted as the procuring agent for the transaction.

MMFX has received $27 million of the financing and will receive the remaining $28 million upon the startup of its Welland, Ontario, Canada steel mill facility. The steel mill’s state-of-the-art equipment is designed to manufacture both conventional and MMFX high-tech steel.

By using the higher yield strength of MMFX steel over conventional Grade 60 steel, construction projects can be completed with 20% to 50% less steel and up to 60% lower labor costs, changing the way buildings, highways, and bridges are designed and built.

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