BASF Venture Capital Invests in Quantiam Technologies
February 9, 2010
LUDWIGSHAFEN, Germany – BASF Venture Capital GmbH, Ludwigshafen, Germany, is investing in Quantiam Technologies Inc., Edmonton, Canada. The company develops and markets functional coatings for extreme operating environments such as petrochemicals industry applications. The heat-resistant products help prevent erosion and corrosion and are based on novel coatings, surfaces and catalysts.
Quantiam has emerged from the current investment round with C$6 million, with BASF Venture Capital contributing C$3 million. The second investor is Ursataur Capital Management L.P., a private investment fund with its head offices in Toronto, Canada, which contributed the same amount. Quantiam will use the additional capital to fund further growth. A major focus of the investment will be catalytic surface coatings, in particular for steam cracker furnace tubes, known as catalyzed-assisted manufacture of olefins or CAMOL. Applied on internal surfaces, the coatings reduce carbon formation and hence cut maintenance times, energy expenditure and CO2 emissions, because carbon deposits clog the tubes over time and act as insulators, necessitating higher process temperatures on a permanent basis.
Quantiam Technologies Inc. was founded in 1998 by Steve Petrone to develop new products based on advanced materials, catalysts, coatings and surfaces for extreme operating environments and energy related applications.