Nanocyl raises $3.7 million

Sept. 30, 2004 – Nanocyl S.A., a Sambreville, Belgium-based producer of carbon nanotubes, announced it has raised $3.7-million in equity backing and also secured a pair of new loans.

New investors CNP, SRIW, Compagnie du Bois Sauvage and other unnamed parties participated in the oversubscribed round, according to Dominique Jozeau, Nanocyl’s chief executive. The company also recently secured a $1.9-million loan from a regional government and a $1.1-million bank loan.

Jozeau said the company aims to invest over $6.2 million in research and development as well as equipment, including a new synthesis reactor, before the end of 2006. The company’s initial market is displays and it is now also working on polymer additives and textile fibers.

Nanocyl was recently awarded the 2004 Frost & Sullivan entrepreneurial company award for its business plan and marketing strategy. The company was founded in 2002 and currently employs 12 people.


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