Powdermet Announces Expansion Plans
10 November 1999
Powdermet Announces Expansion Plans
SUN VALLEY, Calif.--Nov. 9, 1999--Powdermet Inc. Tuesday announced its plans to expand to 2,000,000 lb/year capacity for its nanoengineered powder products.Powdermet's engineered raw materials enable dramatic increases in material wear, corrosion, strength, and toughness to be achieved while reducing costs to metal and ceramic component and coatings manufacturers.
Powdermet's objective is to change the way advanced materials are designed, manufactured, and used both domestically and globally.
Powdermet achieves this vision through its unique capability to manufacture engineered particles using its patented Fast-Fluidized Bed Chemical Vapor Deposition (FFBCVD) process. The FFBCVD process enables atomic level control over metal and ceramic microstructures, and hence the final material properties, to be designed and built in to the raw material at very low added cost.
Powdermet's specialty powder products are distributed to component manufacturers in the electronic packaging, automotive, tool and die, heavy equipment, and aerospace and defense market segments, and to thermal spray and wire arc transfer coatings suppliers.
Customers using Powdermet's engineered raw materials report up to a 500% increase in tool life compared to current coated carbide tools. Other customers have reported that a 32% cost savings was achieved through the elimination of additional processing, a savings enabled through the use of Powdermet's engineered raw materials.
On November 10th, Powdermet will be presenting its expansion and marketing plans to investors from throughout southern California at the California Venture Forum at Claremont McKenna College.
Powdermet has also been selected to present its technology at the 1999 Advanced Technology Program National Meeting on Nov 16, 1999 at the San Jose DoubleTree hotel.
Founded in 1996, Powdermet is a world leader in nanoengineered materials. The Company acquired 22 years worth of development technology from Ultramet Inc. in 1997, and has secured over $2M in development funds from government and industry customers to develop its next generation of engineered materials.
Powdermet's President Andrew Sherman, anticipates securing required financing for Powdermet's expansion within the next quarter. "We expect to exceed our (50 ton) capacity within five months, and I have no intention of letting our customers down. This investor's forum has absolutely ideal timing for us."