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Veloxint Closes Strategic Investment and Technology Development Agreement with Stanley Black & Decker
Collaboration is aimed at accelerating commercialization of Veloxint's nanocrystalline metal alloys
FRAMINGHAM, Mass.–Veloxint Corporation, a developer of nanocrystalline metal alloys with transformational properties, recently announced that it 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 (www.veloxint.com) is a high-tech start-up that is commercializing high-value products and parts based on fundamental science developed at the Massachusetts Institute of Technology (MIT) in Cambridge, Massachusetts. Veloxint's new nanocrystalline metal alloys are reported to offer extraordinary strength, typically two to five times that of traditional alloys. The 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, in a press release. "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."
Veloxint nanocrystalline alloys are reported to be significantly stronger than competing materials while retaining the ductility, toughness, and other properties of the base metal being used. The extreme strength is gained without adding weight, enabling weight savings of 50 percent or more for some applications. The technology also yields sustainability advantages with production of near net shape products that utilize more than 95 percent of starting raw materials, according to Veloxint. Target markets include automotive, military, high-performance tooling, aerospace, oil and gas, construction, and 3D printing.
"We are pleased to partner with Veloxint to accelerate development of new products for our customers," said Larry Harper, vice president, 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."
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