On February 21, 2008, Sub One Technology announced its most recent business deal. Through this announcement, the company publicly declared that it has received an investment of $24 million from four companies: Nomura International, GE Energy Financial Services, Advanced Technology Ventures, and Chevron Technology Ventures.
Details of the Deal
This investment deal generated Series-C Funding for Sub One Technology. Nomura International led this round of funding. The other three companies, which took part in this investment deal were GE Energy Financial Services, Advanced Technology Ventures, and Chevron Technology Ventures.
Andrew Tudhope, CEO of Sub One Technology, announced that the funds received through the investment deal would be used in meeting the increasing demand for the revolutionary coatings manufactured by Sub One Technology. He added that the investors and the management team of Sub One Technology always work toward delivering coatings with anti-corrosion and anti-erosion properties, and that using the investment funds the company will develop revolutionary coatings which will outperform the interior coatings of the competitive companies.
With respect to this deal, Russell Pullan from Nomura International stated that Sub One Technology impressed them, because the company employs efficient business managers, coating experts and scientists for delivering significant interior coatings to customers. He also revealed that they decided to invest in Sub One Technology after seeing that heavyweights like GE and Chevron are also interested in Sub One Technology.