Adaptive Surface Technologies Secures New Funding

Adaptive Surface Technologies Secures New Financing Adaptive Surface Technologies, Inc. (AST), a leading company in repellent surfaces, announced today that 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 others. AST Chief Executive Officer David Ward said, "We are pleased to welcome AkzoNobel as a new strategic investor and are excited to explore the synergies between our companies. This new financing will help us achieve additional commercial milestones and expand the application of our technologies to new industries worldwide." AST has two distinct product groups on the market: SLIPS® liquid surface coatings that can be applied to containers holding liquids and "wet" repellent coatings including "dry" AST repellent coatings and additives. AST's SLIPS coatings are commercialized as SLIPS® Repel™ for industrial applications and SLIPS® Zero™ for consumer packaging applications. These coatings are more durable than superhydrophobic surfaces and can offer non-stick properties that perform higher than Teflon® due to their 100% liquid surfaces. AST was advised on the financing by Stifel Europe. Source