FibeRio announces $13 million 'strategic investment financing', led by SABIC and Aster Capital
MCALLEN, TEXAS, February 25, 2013-
FibeRio, the developer and manufacturer of ground breaking Forcespinning® nanofiber production systems today announced it has completed a $13M capital raise led by two global strategic investors - SABIC Ventures B.V., Saudi Basic Industries Corporation's corporate venture capital arm, and Aster Capital Partners, sponsored by Solvay, Schneider Electric, Alstom and the European investment fund. The funding will be used to accelerate the company's commercial growth, introduce larger scale production systems to the market and execute on a growing pipeline of orders and global opportunities with industry leading customers.
"The support of two of the leading, knowledgeable strategic investors in this space, SABIC and Aster Capital, is a strong validation of the uniqueness of our Forcespinning technology and will help the company accelerate our growth, open new markets and enable new applications for all of our customers" commented Ellery Buchanan, CEO of FibeRio. "This collaboration will greatly accelerate our vision of the Forcespinning process becoming the world's leading, cost effective process to produce nanofibers at scale never before achieved."
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