June 18, 2008 — MMFX Technologies Corporation, a materials science company that uses nanotechnology to manufacture high-strength, corrosion-resistant steel, has received a $55 million commitment in secured debt financing. Axiom Capital Management Inc. acted as the procuring agent for the transaction.
MMFX was formed in 1998 to commercialize proprietary, micro and nanotechnologies that enable the manipulation of the microstructures of materials to obtain optimum microstructural properties. The current focus for MMFX’s core technology is uncoated steel that has a microstructure fundamentally different from conventional steel.
MMFX has received $27 million of the financing and will receive the remaining $28 million upon the startup of its Welland, Ontario, Canada steel mill facility. The steel mill’s state-of-the-art equipment is designed to manufacture both conventional and MMFX high-tech nanotech-based steel.
By using the higher yield strength of MMFX steel over conventional Grade 60 steel, construction projects can be completed with 20 percent to 50 percent less steel and up to 60 percent lower labor costs, changing the way buildings, highways, and bridges are designed and built.
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