SouthWest Nanotechnologies Inc. (SWeNT) announced recently that it has reached its initial private placement financing goal of $5 million.
“Achieving this milestone is further validation that SWeNT is on track to become the leading producer of single-wall carbon nanotubes,” said SWeNT CEO David J. Arthur. “This $5 million A round will enable us to dramatically expand our production and launch several new products tailored for target applications, all of which is well under way. Our investors, who are all across the country, continue to demonstrate their confidence in the company’s performance and potential.”
Axiom Capital Management Inc. of New York acted as a placement agent in the transaction.
SWeNT was founded in April 2001 to commercialize nanotube technology developed by Daniel Resasco, professor of chemical engineering at the University of Oklahoma. The company produces carbon nanotubes using a patented catalytic method called CoMoCAT, which results in selective synthesis of single-wall carbon nanotubes and remarkable control of diameter, chirality and purity. The CoMoCAT brand is recognized for its quality and scalability.
SWeNT’s target markets include displays (transparent electrodes, field emission panels), military and aerospace (nanocomposite fibers, sensors, stealth coatings), energy (quantum wires, fuel cells, photovoltaics), medicine (biosensors, cancer treatment, drug delivery systems), automotive (conductive plastics) and semiconductors (molecular interconnects, organic semiconductors). Combined, these markets represent a multi-billion dollar market opportunity for carbon nanotubes.
In July 2007, SWeNT broke ground on a $3.9 million, 15,000-square-foot facility under construction on eight acres at the Norman Business Park. Expected to be completed in spring 2008, the plant and building site leave room for expansion as the company grows.
Earlier this month, SWeNT was one of 55 U.S. companies honored with the 2007 Tibbetts Award from the Small Business Technology Council. The company was selected from 17,000 companies that receive contract and grants under the Small Business Innovation Research Program.
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