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Innovation Ventures Celebrates Dupont Investment

Innovation Ventures, LP welcomes the new investment for portfolio company Nanocomp Technologies, Inc. and science-technology leader, DuPont.

 
PRLog - Jun. 18, 2012 - NEW YORK -- WILMINGTON, DE (June 18, 2012) – Innovation Ventures, LP (IV) welcomes the new investment and strategic partnership for portfolio company Nanocomp Technologies, Inc. and science-technology leader, DuPont. As Nanocomp’s first major strategic investor, DuPont joins a stellar group including IV and CEI Community Ventures in the $25 million Series C round.

Nanocomp, based in Merrimack, NH, has revolutionized the carbon nanotube industry with a cutting-edge manufacturing process. Efficiently creating longer carbon nanotubes, Nanocomp has perfected the method of transforming these fundamental building blocks into finished sheet and yarn products.

IV is proud to be one of the first investors in Nanocomp and anticipates accelerated success and growth of the company with the DuPont collaboration and funding.

“DuPont’s investment validates the broad applicability of Nanocomp’s materials - from life-saving military armor, to more efficient and lighter aerospace electronics, and more versatile aircraft composites,” stated Pat Foley, Jr., Ph.D., Principal at IV. “As one of the earliest investors, we are delighted that Nanocomp will be working with DuPont to bring the great promise of these materials to commercial reality.”

With DuPont’s research and manufacturing capabilities, the partnership also offers Nanocomp enormous benefits with market and technical access solidifying the company’s leadership position.

“The infusion of capital is the lifeblood of any new business. But we’re more excited about the strategic synergy and alliance of working with one the most experienced and highly-respected companies in the science-innovation sector,” said Peter Antoinette, President and CEO, Nanocomp.

The funding will directly affect market expansion, particularly the ability to pursue both defense and commercial needs. For more information on Nanocomp Technologies,Inc., please visit www.nanocomptech.com.

About Innovation Ventures, L.P. Innovation Ventures, L.P., is an SBIC venture capital fund focused on growth and early-stage investments in the areas of information technology; ecommerce technology, software; business information services related to the legal, financial services and manufacturing industries; chemicals and materials; and, electronic materials and devices.

About Nanocomp Technologies, Inc.
Nanocomp Technologies (NTI) is delivering a new generation of advanced materials that provide revolutionary performance while saving energy. The Company is the only commercial producer of carbon nanotube-based lightweight sheets, tapes, wires, and yarns. Nanocomp’s products offer superior mechanical, thermal and electrical properties for aerospace and defense, aviation, automotive, energy and consumer applications. The U.S. Department of Defense has designated the Company’s materials as “critical for national defense.” Nanocomp recently opened a new 100,000 square foot advanced manufacturing facility in Merrimack NH, increasing its production capacity to meet the needs of defense and commercial customers. For additional information, please visit www.nanocomptech.com.

About DuPont DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit www.dupont.com.

For media inquiries, contact: Camille L. Currie, PowerImage Public Relations, LLC. | Office: 212.252.2359

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