Catalytic Solutions Inc. Closes $32.4 Million Series 'D' Financing
OXNARD, Calif.--May 19, 2003--Catalytic Solutions Inc. (CSI) announced today it has closed on a $32.4 million Series 'D' funding round led by Rockport Capital Partners, with additional participation by BASF Venture Capital GmbH, Advent International, Enertech Capital Partners, JP Morgan Partners, Cinergy Ventures, Cycad Group LLC, NGEN Enabling Technologies Fund, L.P., and various other investors.
Morgan Stanley served as placement agent for the Series 'D' financing, which brings the total investment in Catalytic Solutions to $72.0 million since the company's founding in January 1996. Catalytic Solutions will use the latest funds to support the company's product development and manufacturing growth. "In light of today's venture capital-environment, such a successful round is a strong endorsement of Catalytic Solutions' advanced technology, proven manufacturing capabilities and market opportunities," said Bill Anderson, CEO, Catalytic Solutions Inc. "We are excited to have completed this externally led round with a quality firm like Rockport Capital Partners. In addition, we were able to add BASF as a strategic investor and believe this further expands our ability to bring innovative solutions to market in the future."
Catalytic Solutions has developed a breakthrough catalytic coating technology, Mixed Phase Catalyst (MPC(R)), which enables dramatic reductions in the use of precious metals such as platinum, palladium and rhodium. As emission regulations become more challenging worldwide, Catalytic Solutions' products are well positioned to help meet new regulatory demands, while also reducing costs by utilizing up to 90% less precious metals than conventional catalytic coating technology. Catalytic Solutions has also developed special manufacturing processes to complement the unique performance of these patented coating materials. Mass production for the first original equipment manufacturer application was launched on a Honda vehicle in December 2000, and Catalytic Solutions has since announced new programs with General Motors and Ford.
About Catalytic Solutions
Catalytic Solutions, Inc. is a global developer and manufacturer of advanced catalytic coating solutions. The unique and proprietary Mixed Phase Catalyst ("MPC"(R)) catalytic coating technology is fundamentally different from other approaches and enables CSI to produce catalyst formulations with superior catalytic performance, greater durability and cost-effectiveness for a wide range of environmental applications. Precise mass-production methods assure excellent coating control and predictable performance. CSI is a privately held company with corporate headquarters in Oxnard, California and offices in Michigan, United Kingdom and Japan. For more information, visit www.catalyticsolutions.com.