In mid-December Severstal Ventures, an investment vehicle created last year by the Russian steel and mining giant Severstal, announced an investment in US company Modumetal. The corporate fund has got a minority stake along with existing shareholders Vulcan Ventures, BP Ventures, Founders Fund, Steel Dynamics, ConocoPhillips, Chevron Technology Ventures and others.
Based in Seattle, Modumetal claims it is “reinventing metals to dramatically outperform traditional steels and industrial alloys.”
“Modumetal is poised to revolutionize metal performance as we know it by controlling material interfaces at the nanoscale. Modumetal represents a whole new way of producing parts. Our patented manufacturing process is bringing nano-scale materials to industrial scale applications,” reads the company’s website.
According to George Gogolev, Head of Severstal Ventures, “Modumetal can be used in high value-add products that could both reduce costs of production and further enhance the performance of conventional steels. For instance, Modumetal coatings have shown to deliver over 10 times more corrosion resistance compared to existing technology.”
“Crucially,” adds Gogolev, “Modumetal has not only achieved broad industry acceptance of its patented and ultra-high performance nanolaminated alloy materials, but it has also realized a sustainable manufacturing process that can reduce the impact of metals production on the environment.”
Since its inception in 2018, Severstal Ventures has backed two venture funds, Chrysalix Venture Capital and Pangaea Ventures, to get access to a sustainable pipeline of startups and technologies. Severstal Ventures’ annual investments amount to around $25 million.
This past October, Severstal announced the launch of an open innovation portal, featuring the group’s existing initiatives for cooperating with startups, innovative teams and industry experts from across the world.
