Lumiant Corp. initiated a $294,000 equity private placement. The company will be looking for twelve investors at most to close the offering within a year. This is the first US fundraising effort reported by the company which is backed by angel investor Adrian Palmer.
Lumiant developed “TitanMade” a material composed of titanium aluminide (TiAl) and alumina that are combined using proprietary nanotechnology and thermitic (heat) processing. The company targets the power transmission market since “TitanMade” nanocomposite is the perfect candidate to be used for powerline manufacturing. The material is as strong as steel, weights less than half, has higher temperature thresholds and is more resistant to corrosion. The product is cost effective and its production scalable using current manufacturing capability. The company has fifteen utilities ready to adopt the product. The offering’s proceeds will be used to develop the tooling required for its production and marketing purposes.
The company, headquartered in Calgary Canada, was founded by Richard Holloway (Chief Scientist) and Charles Robinson (Vice president Sales and Marketing) in 2011.