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.