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Tesla Announces $50M Investment

Thursday, November 21, 2013

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Protective coatings maker Tesla NanoCoatings says it is poised for significant growth with a new "strategic partnership" and major investment by a Korean chemical firm.

SK Global Chemical, based in Seoul, will invest up to $5 million in Ohio-based Tesla in the first year and up to $50 million over the next five to seven years, the coatings company announced this week.

Teslan

Founded in 2007, the rapidly growing nanotech company produces Teslan, a line of two-coat protective coatings for steel.

Ft-Bragg-Teslan-Coating
Tesla NanoCoatings

Teslan, developed in collaboration with Army researchers, is used on tanks at Fort Bragg. Tesla has focused on military and oil and gas applications.

Teslan's primer is a two-part solvent-based product containing fullerene carbon nanotechnology; the topcoat is available in an epoxy, polyurethane or polyaspartic formulation.

The coating was developed in collaboration with the U.S. Army Engineer Research and Development Center and has won several awards.

The company has focused Teslan on applications in the oil and gas and military sectors, but says it has begun testing and compliance activities to expand to other markets.

'Important Step Forward'

The partnership with SK Global Chemical has been in the works for several months and will provide Tesla NanoCoatings with immediate and future benefits, said president and CEO Todd Hawkins.

“We are excited with this opportunity to partner with SK Global Chemical,” said Hawkins. “This is an important step forward for our company."

Todd-Hawkins
NorTech TV

Tesla NanoCoatings CEO Todd Hawkins says the investment "validates" the Teslan technology and will spur "significant growth" for his company.

Just as significant as the financial infusion is that the deal "validates our own technology," said Hawkins. "It demonstrates that it is respected globally for its effectiveness in combating corrosion."

Part of the investment will go toward building "a world-class nanotechnology manufacturing facility here in Ohio," said Hawkins.

The company is currently located at Stark State College in North Canton, OH.

About SK Global

SK Global Chemical is a subsidiary of SK Innovation, Korea’s first oil refiner, and has been servicing customers in the petrochemical industry for over 50 years. SK Group is a Global Fortune 100 Company employing nearly 78,000 people with revenues of $148 billion in 2012.

“For our company, Tesla NanoCoatings is a perfect fit, “ said IB Kim, Vice President, head of the global business development division of SK Global Chemical. “Tesla NanoCoatings’ technology and early successes in the U.S. are aligned with our vision to be global leader.”

Hawkins said the partnership “allows us to go the next level, in so many ways."

"In the long run, we have the potential to expand current revenue tenfold."

   

Tagged categories: Business operations; Coating Business; Coatings manufacturers; Corrosion protection; Military; Nano and hybrid coatings; Nanotechnology; Oil and Gas; Tesla NanoCoatings

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