NanoSteel closes on new equity investment

It’s a long way from the Snake River to Motor City, but NanoSteel, a company with its roots in Idaho National Laboratory and its R&D department still in Idaho Falls, announced Feb. 13 it has closed on a new round of equity investment led by GM Ventures.

Proceeds from the investment round will be used for the commercialization of NanoSteel’s advanced high strength steel (AHSS) for automotive applications. The financing includes new investments from Lear Corp., a leading automotive seating systems and electrical systems supplier, and SPDG, the leading car importer in Belgium and owner of Belron, the global leader in vehicle glass repair and replacement.

NanoSteel’s corporate headquarters are in Providence, R.I., but the company spun out of INL in 2002. It was founded by Dan Branagan, an INL researcher who led a team in the mid-1990s in the development of Super Hard Steel. When he left the INL, Branagan, now NanoSteel’s chief technical officer, took processes and patents he developed at the lab and spun them out for licensing to industry. The company’s products are used in oil and gas, mining, power generation, and cement and concrete, and it develops metal powders for 3D printers. He was recognized the 2002 Forbes Special Anniversary Big  Ideas Issue as “one of the important innovators of our time, one of 15 people who will reinvent the future,” and was selected by Massachusetts Institute of Technology as one of the top 100 “brilliant young innovators” in the world whose work will have “a deep impact on how we live, work, and think in the century to come.”

But Branagan said in 2016 that lightweight steel was always his ultimate goal. In 2012, General Motors Ventures LLC bought a stake in the company. "Over the next several years, light-weighting of vehicles will be a major focus area to improve fuel economy," said Jon Lauckner, GM's chief technology officer, vice president of Global R&D and president of GM Ventures. "NanoSteel's nano-structured alloys offer unique material characteristics that are not available today, making them a potential game-changer."

Commercial scale qualification of Advanced High Strength Steel began in North America in 2016. AHSS features a combination of very high strength with the enhanced formability normally found only in low-strength mild steels. The blend of properties provides designers the ability to optimize part geometries resulting in thinner, lighter components.  Additionally, it allows part producers to avoid costly production processes, such as stamping shapes at high temperature (hot stamping), when forming the new designs.

Through the transaction announced Feb. 13, Lear Corp. becomes the first automotive Tier 1 supplier to license NanoSteel’s products. “After initial testing of NanoSteel’s AHSS, we are optimistic about its potential to contribute lighter materials for our vehicle seating structures,” said CEO and President Matthew J. Simoncini, in a press release. “Helping our customers meet their fuel economy targets is a clear priority for Lear, and we are enthusiastic supporters of new lighter-weight solutions that would allow us to use our current manufacturing infrastructure.”

Olivier Périer, CEO of SPDG, called NanoSteel “a compelling opportunity that targets two of our core investment theses, disruptive mobility solutions and environmental sustainability. We believe NanoSteel is positioned for significant growth,” he said.

NanoSteel president and CEO David Paratore said the latest investment brings the company to an inflection point, “where our focus has shifted from technology development to product deployment with our steel partners and automotive customers. Our relationships with Fortune 500-level partners have been a major factor in our accomplishments thus far and will be key to our success moving forward,” he said.

Rexburg chamber names new president

The Rexburg Area Chamber of Commerce has a new president and CEO, Christopher Mann, a longtime Rexburg resident who was been named to replace Ted Austin. Austin, who has served as the chamber’s CEO for the past year, informed the executive board last month of his intention to leave, citing health issues and desire for a reduced work load.

Mann, a Rexburg resident for 35 years, recently retired from
Brigham Young University-Idaho, where he was food services administrator. He has served on the Rexburg City Council for 12 years, and has served on the chamber board and several of its committees. He and his wife, Barbara, have three grown children and three grandchildren, also residing in the Rexburg area.

Austin will provide guidance to Mann during a transition phase and will emcee the chamber’s annual Farmer Merchant Banquet and Fundraising Auction on March 9, as he has done in previous years.

More news from Idaho Falls' Park Avenue

Last week in our writeup about Persnickety Lemon, 313 Park Avenue, we neglected to mention a specialty item that might be of some interest to readers, refrigerated vegan pet food made by Amy Ziegler. Pets can have allergies the same as humans, and quite often the food they eat is at the root of their misery. Ziegler said she was force to come up with something for her dog, that it was a matter of life and death.

Also on Park Avenue, Downtown Development Corp. offers news about the following businesses opening:

ALC Architecture, 301 Park Ave. —  New construction, remodels, and renovations in nearly all aspects of commercial, residential, and industrial design. www.alcarchitecture.com

Jacob Grant Property Management, 490 Park Ave., Suite 1 - Professional property management company that provides tenant screening, marketing, accounting and property maintenance services to residential and apartment complex owners. www.facebook.com/jacobgrant.property.management

New Penn Financial, 490 Park Avenue — Loan officers with years of experience in the mortgage industry. www.newpennfinancial.com/locations/idaho-falls

EIRMC names new chief nursing officer

Ann Kjosa

Ann Kjosa has joined Eastern Idaho Regional Medical Center as chief nursing officer to the hospital’s administrative team. Kjosa (pronounced Cho-sa) comes to EIRMC with 30 years of health care experience, including ten years as CNO at various hospitals across the nation.

As CNO, Kjosa oversees clinical nursing operations throughout the hospital, ensures quality patient care, and leads efforts to increase patient satisfaction.

Kjosa’s began her healthcare career at age 18 as a nursing assistant in her hometown of Aberdeen, S.D. Her most recent role has been as chief operating officer and chief experience officer at St. Peter’s Hospital in Helena, Mont.

Kjosa earned her bachelor's in nursing from Presentation College in Aberdeen. She also holds an MBA in Healthcare Management from Regis University in Denver, Colo., and is a fellow with the American College of Healthcare Executives. In the community, she has served organizations such as March of Dimes, Rotary, the Heart Walk, United Way, and many educational institutions in the communities where she’s lived.

“I love to see others reach their potential both personally and professionally,” she said. “I am committed to providing an environment which creates the best outcomes possible for our patient guests.”

Persnickety Lemon opens on Park Avenue.

Persnickety Lemon, 313 Park Avenue

Persnickety Lemon, a deli and indoor farmer’s market of sorts, has opened at 313 Park Avenue. The operators are Jed and Jennifer Campbell, who own the building.

In addition to selling artisanal breads and baked items from small businesses such as Blue Spoon Kitchen, Iona Juice and Wellness, and Grain Revival, it offers the use of a commercial-grade, health department-approved kitchen for people such as Jodi Fohs, whose Josephine’s Fresh Salsa has been a sell-out item at the Farmers’ Market. Renting the kitchen gives her a place to make her salsa, and the store is a place where she can sell it in the months the Farmers Market isn’t going.

Customers can take their snacks downstairs, which has been remodeled and has the space for small clubs and social organizations.

The Campbells had a soft opening on Tuesday and are planning a grand opening at a later date. To find out more, visit their Facebook page at https://www.facebook.com/ThePersnicketyLemon313ParkAve.