Cnano Technology Ltd., a U.S. maker of carbon nanotubes used in energy-storage products, completed a $15 million financing plan that it will use to expand production in China.
Grand River Capital’s SinoGreen Fund led the financing, which included Hotung Investment Holdings Ltd. and existing investors Pangaea Ventures, Presidio Partners, WI Harper Group, IDG Capital Partners and Megatop Capital, Cnano Technology said in a statement on its website Monday. Individual amounts weren’t disclosed.
Closely held Cnano plans to use the funding proceeds at its manufacturing facility in Zhenjiang, Jiangsu, according to the statement. The nanotubes produced there also are used in batteries, electronics and electric vehicles.