Cnano Technology, a specialist in multi-wall carbon nanotubes (MWCNT) products for the energy storage, structural and electronics industries, has completed its USD15 million Series C funding.
Cnano will use the funds to expand its high quality carbon nanotubes manufacturing operation in Zhenjiang, Jiangsu, China in order to meet the fast growing demand for its products. The Company continues to leverage and enhance upon technologies it has licensed on an exclusive basis from Tsinghua University.
GRC SinoGreen Fund, a leader in private equity and venture capital in the Greater China Region, led the financing, which included Hotung Investment Holdings Limited and several new investors. Cnano's Series A and B investors, Pangaea Ventures, Presidio Partners, WI Harper Group, IDG Capital Partners and Megatop Capitals all participated in the financing.
"Cnano's leading position in carbon nanotubes industries and its new product scaling-up capability has led Cnano to successfully penetrate the lithium-ion battery market," says Benjamin Jen, Founder and Managing Partner of GRC SinoGreen Fund. "We are delighted to lead the Series C financing to support Cnano manufacturing expansion plans for MWCNT products in the worldwide market."
"Cnano's advanced technologies and superior quality of products have powered Cnano into the leading manufacturing and supplier of MWCNT for the lithium-ion battery market," says Dr Tao Zheng, President and CEO of Cnano. "Series C funding will accelerate Cnano's growth to increase its MWCNT capacity to meet the increasing demands for Cnano's products for the electric vehicle and high end consumer battery markets as well as other MWCNT applications."
