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.