Tuesday, June 17, 2008

MMFX Technologies Raises $55M In Debt

Irvine-based MMFX Technologies Corporation said Tuesday that the firm has received a $55M secured debt financing commitment for the firm's material science technology. According to MMFX, the firm uses nanotechnology to manufacture high-strength, corrosion-resistant steel. The funding will go towards startup of the firm's Welland, Ontario, Canada steel mill facility. Axiom Capital Management acted as the agent on the financing. According to MMFX, $27M of the financing has been received, with the remainder due on startup of its facility.

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