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3M, through its New Ventures Business, has invested in GoNano Technologies Inc., a developer and manufacturer of high surface area nanomaterials for pollution control, catalysis, composites and sensory technologies headquartered in Moscow, Idaho. Terms of the transaction were not disclosed.
GoNano Technologies applies its versatile silica-based Nanospring technology to solve problems for customers seeking high surface area next generation solutions such as catalytic converters, Carbon Capture & Recycle™ and continuous flow reactors. GoNano Technologies was founded in 2007 for the purpose of commercializing the Nanospring technology platform, which was developed over a decade long collaboration between Washington State University and University of Idaho.
"GoNano Technologies' unique technology platform offers significant performance improvements for chemical flow reactions that benefit from large surface areas," Stefan Gabriel, president, 3M New Ventures, said. "The combination of this potentially game-changing nanomaterial with our technology platforms further stimulates disruptive innovation and creates new business opportunities in the catalytic conversion space for 3M."
"3M is recognized as a global technology leader in the materials industry," said Tim Kinkeade, Chief Executive Officer of GoNano Technologies Inc. "We are excited to partner with a company that shares our strong commitment to innovation and we look forward to working with 3M to advance transformational products and processes based on the Nanospring platform."
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any statements of the future plans, strategies and objectives of management. Other risks, uncertainties and assumptions are described in 3M's SEC reports, including but not limited to the risks described under "Risk Factors" in Part I, Item 1A of the Annual Report on Form 10-K for its fiscal year ended December 31, 2010 and in Part II, Item 1A in the Quarterly Reports on Form 10-Q for the fiscal quarter ended September 30, 2010. 3M assumes no obligation and does not intend to update these forward-looking statements.
Nanospring is a trademark of GoNano Technologies Inc.
About GoNano Technologies, Inc.
GoNano Technologies develops and manufactures environmentally friendly high surface area nanomaterials for pollution control, catalysis, composites and sensory technologies. The company's patent-pending nanomaterials provide a scalable, industry compatible, low cost platform for highly efficient solutions. More information may be found at www.gonano-9.com. GoNano Technologies, Inc can be reached at 208-892-2000. GoNano Technologies is privately held and is headquartered in Moscow, Idaho.
3M captures the spark of new ideas and transforms them into thousands of ingenious products. Our culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better. 3M is the innovation company that never stops inventing. With $27 billion in sales, 3M employs about 80,000 people worldwide and has operations in more than 65 countries. For more information, visit www.3M.com or follow @3MNews on Twitter.
GoNano Technologies, Inc.
Aziz Makhani, 208-892-2000
Director of Marketing and Sales
3M Media Contact:
Donna Fleming Runyon
3M Investor Contacts:
Matt Ginter, 651-733-8206
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