Today at the International Fastener Expo, Toyota Tsusho America, Inc. (TAI) and Modumetal, Inc. announced an agreement of an non-binding memorandum of understanding (MOU) for the establishment of a joint venture to deploy Modumetal’s patented nano-laminated alloy product, NanoGalv globally for industrial fastener and bolting applications. Final legal documentation is expected to be completed in 30 to 45 days.
“We are very pleased to partner with Modumetal to bring its nano-laminated alloy technology to industrial markets”, said Arthur Harrison, senior VP and leader of the metals division of TAI. “Toyota Tsusho Group has a long history and exceptional track record of quality and scale in our manufacturing ventures.”
Harrison added: “We look forward to working with Modumetal to bring our manufacturing and distribution principles to the growth of this unique and revolutionary technology.”
The joint-venture company, will be known as ModuTAI, which plans a new production facility in Houston, Texas. The Houston production facility will extend the existing NanoGalv capacity in the market over 10 times, bringing over 100 tons per month of capacity into the market upon startup.
“Our joint venture with TAI brings together the innovation of Modumetal’s patented, nano-laminate manufacturing technology with the scale of a global industrial partner,” added Modumetal founder and CEO, Christina Lomasney. “With several recent, corrosion-related automotive recalls over the past twelve months, our NanoGalv coatings are enabling a breakthrough in safety at a critical time for the market. The ModuTAI joint venture will mean that we will be in a position to bring NanoGalv to major markets swiftly, while maintaining attention to quality and scale.”
The ModuTAI joint venture would initially serve existing customers of the NanoGalv products in the energy sector, with plans to expand quickly into further industrial segments, including construction, marine and transportation markets. In addition to building production capacity, Modumetal and TAI have plans to extend Modumetal’s existing licensing strategy across industrial markets.
Today, Modumetal has deployed licenses for NanoGalv production to existing oil and gas fastener suppliers in Houston, Texas, Singapore and Aberdeen, Scotland.
Toyota Tsusho America, Inc.