Veloxint Announces Strategic Investment and Technology Development Agreement with Stanley Black & Decker
Collaboration to Accelerate Commercialization of Veloxint's Breakthrough Nanocrystalline Metal Alloys
FRAMINGHAM, Mass., May 31, 2017 – Veloxint Corporation, a developer of nanocrystalline metal alloys with transformational properties, has closed a strategic investment agreement with Stanley Black & Decker, a global provider of tools and storage, commercial electronic security, and engineered fasteners. Concurrently, both parties have entered into a technology development agreement to jointly commercialize these breakthrough metal alloys for applications of mutual interest. Financial terms of the deal were not disclosed.
Veloxint is a high-tech start-up which is commercializing high-value products and parts based on fundamental science developed at the Massachusetts Institute of Technology (MIT) in Cambridge, Mass. Veloxint’s new nanocrystalline metal alloys offer extraordinary strength, typically two to five times that of traditional alloys. These alloys are also designed from the atomic level up for thermodynamic stability to enable long-term stable operation even at elevated temperatures.
“We’re excited about our collaboration and see this as a win-win for Veloxint and Stanley Black & Decker,” said Alan Lund, CEO of Veloxint. “The funding will allow Veloxint to accelerate its development activities, and the partnership will give Stanley Black & Decker access to more world-leading technology to incorporate into their products.”
“We are pleased to partner with Veloxint to accelerate development of new products for our customers," said Larry Harper, VP, Stanley Ventures, the corporate venture arm of Stanley Black & Decker. "We’re excited about the potential of these materials and look forward to optimizing them for new Stanley Black & Decker products that deliver unique value and enhance our position as technology leader in our markets.”
Veloxint nanocrystalline alloys are significantly stronger than competing materials while retaining the ductility, toughness, and other properties of the base metal being used, thus providing a unique combination of properties. The extreme strength is gained without adding weight, enabling weight savings of 50% or more possible for some applications. The technology also yields sustainability advantages with production of near net shape products that utilize >95% of starting raw materials. Target markets include automotive, military, high-performance tooling, aerospace, oil and gas, construction, and 3D printing.
Veloxint Opens Prototyping Laboratory in Framingham, Massachusetts
FRAMINGHAM, Mass, August 1, 2016 – Veloxint Inc., a company commercializing transformational nanocrystalline metal alloys, has opened a new prototyping facility in Framingham, Massachusetts. The facilities will be used for alloy synthesis and scale-up, material characterization, and producing customer samples. The facilities have a full range of equipment that includes mills, presses, furnaces and analytic capabilities. The company expects to make prototypes for high performance tooling, 3D printing, automotive, and defense applications just to name a few. Additionally, the facilities can be used for pilot production to seed initial demand in the marketplace. “We are very proud of the team at Veloxint for getting this facility up and running in such a short amount of time,” said Alan Lund, Co-founder and President of Veloxint Inc. “This is an extremely exciting new technology and we look forward to working with potential customers to satisfy their needs in the marketplace.”
About Veloxint Inc. – Veloxint (www.veloxint.com) is commercializing high value products and parts enabled by novel nanocrystalline (NC) metal alloys with transformational properties. The technology is based on fundamental science developed at the Massachusetts Institute of Technology (MIT) by the research group of Professor Chris Schuh. These new nanocrystalline (NC) metal alloys offer extraordinary strengths, typically 2‐5x those of traditional alloys, and can be used for a wide variety of industrial markets. For more information, visit www.veloxint.com.