Hanwha Aerospace-US startup

Hanwha Aerospace-US startup

Hanwha Aerospace invests in U.S. battery coating startup

SEOUL, May 30 (Yonhap) -- Hanwha Aerospace Co. said Tuesday it is joining a US$50 million fund for a U.S. materials science company that owns a unique nano-coating technology for secondary batteries and energy storage systems for use in mobility vehicles and commercial vessels.

Hanwha Aerospace is participating in a round of Series C funding for Forge Nano Inc., a Colorado-headquartered company, as a lead investor, along with a handful of others, including Catalus Ventures and Ascent Funds, the aircraft engine making unit under South Korea's Hanwha Group said in a release.

Forge Nano plans to use the funds to bolster facility investment, including the project for an envisioned 1 gigawatt-hour second pilot factory.

Forge Nano, which started off as a lab research at the University of Colorado in 2011, has developed a proprietary nano-coating technology that can enhance the life span of secondary batteries for use in automotive vehicles, aircraft, urban air mobility and ships.

Volkswagen A.G. said in 2019 it was investing US$10 million in Forge Nano.

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