Rhode Island-based NanoSteel Company has announced that General Motors Ventures LLC has invested in the company because of their advancements in the steel alloy industry. GM Ventures is a subsidiary of General Motors with a mandate to invest in promising automotive technologies.
“We are investing in NanoSteel because of the opportunity associated with their new steel alloy technology,” said Jon Lauckner, GM’s chief technology officer, vice president of Global R&D and president of GM Ventures LLC. “Over the next several years, light-weighting of vehicles will be a major focus area to improve fuel economy. NanoSteel’s nano-structured alloys offer unique material characteristics that are not available today, making them a potential game-changer.”
Founded in 2002, NanoSteel has created a new class of steel called Advanced High Strength Steel (AHSS), which has the ability to drastically reduce the weight of today’s cars. Despite the reduced weight and thinner gauge of the steel, it still maintains the structural integrity needed to meet industry safety standards. The steel is also cold formable, making it easier to process than other steels.
“GM Ventures investment in NanoSteel demonstrates its confidence in our company’s potential to achieve widespread impact on the auto industry through our proprietary steel designs,” said Dave Paratore, president and CEO of NanoSteel. “With the support of General Motors’ automotive expertise and technology leadership, we can accelerate the final phases of development of our nano-structured AHSS in the quest to economically lightweight vehicles.”
The unique combination of ductility and strength of AHSS has the potential to allow for steel to take back an industry wher aluminum and carbon fibre are starting to become more commonplace.
The reduced weight of steel is expected to have significant impact in the auto industry in a number of areas, one of the most important of which is fuel economy. Lighter cars will make it much easier for automotive companies to meet today’s stricter regulatory standards.
