Adaptive Surface Technologies Secures New Financing

Adaptive Surface Technologies, Inc. (AST), a world leader in repellent surfaces, today announced it has secured new financing. AkzoNobel has joined an existing list of strategic and financial investors that includes Tokyo Electron Ventures, BASF Ventures, Anzu Partners, and more. "We are delighted to welcome AkzoNobel as a new strategic investor and are excited to explore the synergies between our companies," said David Ward, Chief Executive Officer of AST. "This new financing will help us achieve additional commercial milestones and expand the use of our technologies into new industries across the globe." AST has two distinct product groups on the market, 'wet' repellent coatings including SLIPS^® liquid surface coatings that can be applied to liquid-containing vessels and 'dry' AST repellent coatings and additives. AST's SLIPS coatings have been commercialized as SLIPS^® Repel ™ for industrial applications, and as SLIPS^® Zero™ for consumer packaging applications. These coatings are more robust than superhydrophobic surfaces and can have higher performing non-stick properties than Teflon^® due to their 100% liquid surfaces. AST was advised on the funding transaction by Stifel Europe.