Expanite raises 10 million DKK (1.3 million EUR) to support further internationalisation
Hillerod, Denmark – 28 December 2016 - Expanite, a Danish company specialized in surface hardening of stainless steel, titanium and other high performance metals attracted 1.3 million euro in capital from its existing shareholders to fund further international expansion.
Expanite was founded in 2010 by three scientists from the Technical University of Denmark (DTU). The company commercialises a patented gas phase technology for the surface hardening of stainless steel, titanium and other high performance metals, while maintaining or even increasing the material’s corrosion resistance. In 2012, Expanite entered into its first commercial licensing agreement. In August 2013 it opened a development and production facility in Hillerod (near Copenhagen). Since then the business has grown significantly: in the course of 2016 new license agreements were signed, the company started commercial activities as well as production in the United States and it invested in an additional service center in Europe (Frickenhausen, Germany), set to be operational early 2017.
"Expanite has been able to make great progress in both its service center as well as its licensing business model, serving many industries incl. automotive, process equipment for the food and pharma industry, oil & gas, medical devices and more general industrial products. The next logical step is towards further international expansion, "says CEO, Thomas Abel Sandholdt.
"The mix of Danish and foreign shareholders provide the company with a solid financial basis combined with a true international view and industrial network, "says company chairman Thomas Folmann.
For Finindus, which is owned by the Flemish Region and ArcelorMittal, the world's largest steel supplier, the investment in Expanite is in line with their strategy. "We are constantly looking for innovative companies in the area of materials and material processing that are enablers for different relevant industries. Expanite stands out not only in technology but also in team and commercial approach to the market. We have already seen the first series of commercial successes, but we are convinced the best is yet to come," says Hans Maenhout, Investment Director at Finindus.
Expanite offers the state of the art solutions for surface hardening of stainless steel, titanium and other high performance metals. With Expanite's processes for the curing of stainless steel, it is possible to increase the material’s surface hardness tenfold while at the same time maintaining and even increasing its corrosion resistance. Expanite has a combined development and production facility near Copenhagen, Denmark, and operates service centers in the USA and Germany. Expanite's solutions are flexible and can be tailored to be introduced into a customer’s own production line as part of a licensing arrangement.
About Seed Capital
SEED Capital is the largest venture fund in Denmark within the pre-seed and seed segment and specializes in identifying and developing new and innovative technology companies.
About LF Investment
LF Investment is the investment arm of the Lauritzen Foundation, the parent company of the shipping companies J. Lauritzen and DFDS. LF Investment has, among others invested in companies in the oil, software and biotech industry.
Finindus is a Belgian investment company backed by ArcelorMittal and the Flemish Region. Finindus invests in early stage and growth companies, with a specific focus on materials, material processing and sustainable manufacturing.