Tesla NanoCoatings, a leading producer of corrosion-resistant protective coatings using carbon nanotechnology, today announced a strategic partnership with SK Global Chemical, a Korean company headquartered in Seoul. The deal calls for an initial investment by SK Global Chemical of up to $5 million in the first year and up to $50 million over the next five to seven years.
"We are excited with this opportunity to partner with SK Global Chemical," said Todd Hawkins, President and CEO of Tesla NanoCoatings. "This is an important step forward for our company. The investment will result in significant growth for us over the short- and long-term," he added.
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 says, this strategic partnership was very carefully planned over the past several months, and both parties are committed to making it work at the highest level. He added that he sees immediate and long term benefits for his company.
"For us, this deal is significant because it validates our own technology. It demonstrates that it is respected globally for its effectiveness in combating corrosion," said Hawkins.
"A longer term goal as a result of this strategic partnership is to be able to build a world-class nanotechnology manufacturing facility here in Ohio. In the long-run, we have the potential to expand current revenue ten-fold," he said.
Hawkins explained that the company's original alliances with both Stark State College in North Canton, Ohio and the University of Akron in Akron, Ohio "helped establish us as a world leader in the protective nanocoatings market."
Tesla NanoCoatings has concentrated primarily on the oil and gas market and military, he noted. "We have recently begun testing and compliance activities to expand in other industries," he said.
"This strategic partnership allows us to go the next level, in so many ways," said Hawkins.
About Tesla NanoCoatings
Tesla NanoCoatings, Inc. is a technology company based in North Canton, Ohio with a laboratory at Stark State College. The company is over five years old with one current product line -- Teslan®, a highly effective paint-like corrosion control coating for structural steel utilizing carbon nanotubes, which self-assemble into rope structures, making them highly conductive, tough and flexible. Teslan® was developed in collaboration with the U.S. Army Engineer Research and Development Center, Construction Engineering Research Laboratory (ERDC-CERL), Champaign, IL.