Evonik has invested in its venture capital arm in Nanotech Industrial Solutions (NIS) headquartered in Avenel (New Jersey) and now holds a minority share in the company.
The parties are not disclosing the volume of the transaction with NIS planning to use the proceeds for further growth, while Evonik will receive a seat on the NIS board.
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NIS produces additives for engine oils, oil and water formulations for metalworking fluids, industrial oils and additive formulations for greases.
“By investing in this company, Evonik gains access to inventions in a unique particle technology in lubricants”, said Evonik Venture Capital North America spokesman, Lutz Stoeber.
“An additional strategic fit to Evonik results from the potential of the new technology to bring groundbreaking inventions to the lubricants market.”
Evonik’s Oil Additives Business Line develops additive technologies for improving fuel and energy efficiency as well as productivity in engine and gear oils and hydraulic fluids.
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By GlobalDataEvonik plans to invest a total of EUR100m (US$106m) in start-ups with innovative technologies and in leading venture capital funds as part of its venture capital activities.
Regional focuses are Europe, the US and Asia. Currently, Evonik holds stakes in ten start-ups and four funds.
