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- Forge Nano
Forge Nano Acquisition, Valuation, Funding & Investors
Forge Nano was acquired by Archimedes Tech SPAC Partners II Company for $1.6B in April 2026.
Forge Nano acquisition price
$1.6B
Acquired by Archimedes Tech SPAC Partners II Company · Apr 2026
Cumulative funding Forge Nano raised
$165M
across 6 funding rounds
Key investors in Forge Nano
OIC
Ascent Hydrogen Fund
General Motors Ventures
Catalus Capital
Hanwha Aerospace
Rock Creek
Top Material Co
Townsend Capital
About Forge Nano
Forge Nano is a Louisville-headquartered materials company specializing in atomic layer deposition nanocoatings. Founded as PneumatiCoat Technologies, it applies ultrathin protective layers to lithium-ion battery electrodes, semiconductor powders, and medical devices. Deployed in facilities across the U.S. and Asia, the technology enhances conductivity and durability for EV and aerospace applications.
Founded
2011
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales, Services
Valuation
$1.3B (Apr 2026)
Sectors
Forge Nano Acquisition
Forge Nano was acquired by Archimedes Tech SPAC Partners II Company for $1.6B on 20 April 2026.
Before the acquisition Forge Nano had raised $165M across 6 funding rounds.
Archimedes Tech SPAC Partners II Co. announced a business combination with Forge Nano, valuing the company at a $1.2 billion pre-money equity valuation and approximately $1.6 billion enterprise value at closing. The transaction includes up to $317 million in net cash from the SPAC trust and a $100 million PIPE, plus $82.5 million from prior Series D financing, with an additional non-transferable earnout of up to $900 million in shares tied to trading price and revenue milestones. Expected closing is in the second half of 2026. The merger provides capital to expand U.S. production of semiconductor tools and battery materials for AI chips, defense, and high-growth markets, supported by DOE-backed initiatives including a planned 3 GWh battery plant and 300mm semiconductor capabilities. Strategic investors include a leading fundamental institutional investor in the PIPE. Forge Nano, based in Thornton, Colorado, specializes in advanced nanocoating technology for batteries and semiconductors. 2025 revenue was $14.5 million, with a phased growth plan targeting approximately $76 million by 2027. The company recently raised $82.5 million in Series D funding.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 20 Apr 2026 | PE buyout | $1.6B |
Forge Nano Valuation
Forge Nano is currently valued at $1.3B, based on its Series D in April 2026.
Forge Nano's valuation has grown 3.8x from $336M at its seed round in June 2021 to $1.3B in April 2026, across 3 priced rounds.
Forge Nano valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2026 | Series D | $1.3B |
| Oct 2024 | Series A | $900M |
| Jun 2021 | Seed | $336M |
Forge Nano Funding History
Forge Nano has raised a total of $165M across 6 funding rounds.
Forge Nano's first fundraising round was a $20M Series A in November 2016. The most recent completed round was a $42M Series D in April 2026.
Forge Nano funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2026 | Series D | - | $42M | $1.3B | Forge Nano, Inc. raised $82.2 million in a funding round closed on April 21, 2026, with a final tranche of $42.2 million, at a pre-money valuation of $1200 million and post-money valuation of $1282.2 million. The round involved a group of investors. Separately, Forge Nano announced a SPAC merger with Archimedes Tech SPAC Partners II Co., valuing the company at $1.2 billion pre-money equity value, including up to $342 million in gross proceeds from $242 million cash in trust and $100 million PIPE, plus a $900 million performance-based earnout tied to trading-price and revenue milestones, targeting closing in the second half of 2026. Forge Nano pioneers atomic layer deposition technology for battery manufacturing, semiconductors, and AI chips, focusing on U.S. domestic production expansion. The funding supports scaling manufacturing, workforce growth, and commercialization for strategic partners in energy innovation and advanced manufacturing. Total capital raised exceeds $140 million, with investors including RockCreek, Ascent Funds, Top Material, Orion Infrastructure Capital, GM Ventures, Volkswagen, LG Technology Ventures, Hanwha, Mitsui Kinzoku, Sumitomo Corporation of Americas, Air Liquide, Catalus Capital, and SBI Investment. |
| Apr 2025 | Series D | Ascent Hydrogen Fund (lead); Rock Creek (lead); OIC; Top Material Co | $40M | - | Forge Nano, a US-based technology company founded in 2011, specializes in atomic layer deposition (ALD) technology, including its proprietary Atomic Armor nanocoating that enhances lithium-ion batteries and hydrogen fuel cells with improved energy density, cycle life, charge speed, and thermal safety. The company also applies ALD for semiconductor applications like wafer encapsulation, passivation, high-κ dielectrics, and metal barriers, addressing bottlenecks in 3D chip stacking to reduce energy usage by up to 50%. Forge Nano operates through its Forge Battery subsidiary and has facilities in Colorado for battery manufacturing and semiconductor ALD tool production. On April 29, 2025, Forge Nano closed a $40 million funding round co-led by RockCreek and Ascent Funds (Ascent Hydrogen Fund), with participation from Top Material, Orion Infrastructure Capital (OIC), and existing investors. This round brings the company's total capital raised to over $140 million, adding RockCreek to a roster including GM Ventures, Volkswagen, LG Technology Ventures, Hanwha, Mitsui Kinzoku, Sumitomo Corporation of Americas, Air Liquide, Catalus Capital, and SBI Investment. The funds will support expansion of domestic manufacturing, including scaling battery production capabilities and semiconductor equipment, as well as growing the workforce to serve an expanding customer base of strategic partners. Forge Nano recently installed a state-of-the-art battery manufacturing line and cleanroom for ALD tools at its Colorado headquarters, positioning it for growth in US battery and semiconductor sectors critical for energy transition, AI, and national security. Earlier investments, such as Ascent Funds' 2022 participation, highlighted plans for a $120 million 500MWh Atomic Armor battery facility in Denver, underscoring long-term ambitions in scalable ALD for energy storage and hydrogen technologies. |
| Oct 2024 | Series A | General Motors Ventures (lead) | $10M | $900M | Forge Nano is a materials science company specializing in atomic layer deposition (ALD) technology, with its proprietary Atomic Armor technology at the core of its product offering. The company applies thin-film coatings to battery materials to enhance performance, durability, and cost-efficiency, with applications across electric vehicles, aerospace, semiconductors, and consumer electronics. In October 2024, GM Ventures, the venture capital arm of General Motors, invested $10 million in Forge Nano as part of a strategic partnership to develop advanced battery materials for next-generation electric vehicles. The investment was directed toward enhancing battery cathode materials and building prototype lithium-ion battery cells at Forge Nano's Thornton, Colorado headquarters. The collaboration aimed to improve battery performance and reduce production costs for GM's EV portfolio. Forge Nano had raised over $100 million in total funding prior to the GM Ventures investment, with backing from major automotive and materials sector players including Volkswagen, LG Technology Ventures, Mitsui Kinzoku, Sumitomo Corporation of Americas, Air Liquide, and SBI Investment. The company's most recent major round before the GM investment was a $50 million Series C that included investors such as Hanwha, Orion Infrastructure Capital, Catalus Capital, and Ascent Funds. Around the time of the GM Ventures investment, Forge Nano was reportedly seeking funding at a valuation of up to $900 million, reflecting strong investor confidence in its advanced battery technology. The company was also expanding its business model beyond battery material coatings to include in-house coating services, external equipment sales, battery cell production powered by Atomic Armor technology, and semiconductor sector applications. |
| May 2023 | Series C | Hanwha Aerospace (lead); OIC; Catalus Capital; Ascent Hydrogen Fund | $50M | - | Forge Nano, a Colorado-based materials science company spun out from the University of Colorado in 2011, develops proprietary atomic layer deposition (ALD) nano-coating technology called Atomic Armor to enhance lithium-ion battery performance, including lifespan, energy density, cycle life, charge speed, and thermal safety. The technology targets applications in electric vehicles, aerospace, urban air mobility, defense, consumer electronics, energy storage systems, and semiconductors. Forge Nano secured $50 million in its Series C funding round around May 30, 2023, led by Hanwha Aerospace with participation from Orion Infrastructure Capital (OIC), Catalus Capital (also referred to as Catalus Ventures), and Ascent Funds (also Ascent Hydrogen Fund), bringing total capital raised to over $95 million at that time. The proceeds support expansion of nanotechnology for battery materials, construction of a 1 GWh-scale pilot battery production line starting in Q2 2023, facility investments, increased manufacturing footprint, and enhanced customer support across sectors like aviation, automotive, and defense. CEO Paul Lichty highlighted fulfilling customer demand for advanced batteries and equipment, noting dramatic revenue growth in the past four years and plans to double revenue in 2023 through market adoption and partnerships, such as with Anovion for synthetic graphite in next-gen lithium-ion batteries. Prior investors include Volkswagen (which invested $10 million in 2019) and others like GM Ventures and LG Technology Ventures. Post-Series C, Forge Nano raised additional funds, including a $10 million Series C-II in October 2024 and a $40 million Series D on April 29, 2025 led by RockCreek and Ascent Funds with Orion Infrastructure Capital and Top Material, pushing total funding beyond $140-166 million. These later rounds focus on scaling U.S. battery manufacturing, semiconductor ALD equipment, and domestic workforce growth amid emphasis on energy security and AI-efficient chips. |
| Jun 2021 | Seed | - | $3M | $336M | - |
| Nov 2016 | Series A | Townsend Capital (lead) | $20M | - | Forge Nano, formerly PneumatiCoat Technologies, is a Colorado-based startup specializing in precision nano-coating technology via atomic layer deposition to enhance materials for lithium-ion batteries, catalysts, fuel cells, and advanced materials. The company closed a $20 million Series A funding round led by Townsend Capital LLC in late 2016, with announcements dated November 30, 2016. Proceeds were allocated to relocate to a 12,000-square-foot facility in Louisville, Colorado, scale manufacturing from a 30-ton-per-year pilot plant to 300 tons per year, and plan a 3,000-ton-per-year commercial plant in 2017 to meet demand in the lithium-ion battery sector, where coatings improve cathode lifetimes over 250%, performance, longevity, safety, and cost. The technology targets initial growth in lithium-ion batteries enabling larger capacity chemistries, with expansion into other markets. Forge Nano positioned itself for accelerated commercial integration. |
Who has invested in Forge Nano?
8 investors have backed Forge Nano across its funding rounds, including OIC, Ascent Hydrogen Fund, General Motors Ventures, Catalus Capital, Hanwha Aerospace and Rock Creek.
Lead investors include Ascent Hydrogen Fund, Rock Creek, General Motors Ventures, Hanwha Aerospace and Townsend Capital.
Forge Nano Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | May 2023 | ||
| 2 | Lead | May 2023 | ||
| 1 | Lead | Nov 2016 | ||
| 1 | Lead | May 2023 | ||
| 1 | Participant | Apr 2025 | ||
| 1 | Participant | May 2023 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialForge Nano Competitors
Forge Nano competitors include listed companies like Chengzhi, Zhenghai Magnetic Material, Graphite India and Jiangsu Cnano Technology, and private ones like StoreDot and Diamond Foundry.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.6B | $129M | $1.6B | 1.3x | ||
| Publicly listed | $1B | $78M | $1.6B | 0.9x | ||
| Publicly listed | $300M | $31M | $1.7B | 4.3x | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.8B | - | ||
| Publicly listed | $193M | $66M | $1.9B | 7.1x |
Forge Nano Public Comps
Forge Nano is no longer listed, but its public comps include Chengzhi, 5N Plus, Zhenghai Magnetic Material, Graphite India, Elkem, Hydrograph Clean Power, Jiangsu Cnano Technology, Gaona Aero Material, Vesuvius and Beijing Zhongke Sanhuan.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.6B | $129M | 1.3x | 1.3x | 16.7x | - | |||
| $391M | $93M | 4.3x | 3.7x | 18.3x | 16.5x | |||
| $1B | $78M | 1.2x | 0.9x | 15.7x | 16.4x | |||
| $300M | $31M | 4.6x | 4.3x | 45.5x | 37.5x | |||
| $1.8B | $216M | 1.2x | 1.0x | 9.6x | 8.7x | |||
| $43K | ($8M) | 30584.1x | - | (167.9x) | - | |||
| $193M | $66M | 9.3x | 7.1x | 27.4x | 20.2x | |||
| $551M | $66M | 3.5x | 3.0x | 28.7x | 26.5x | |||
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Common questions about Forge Nano
| When was Forge Nano founded? | Forge Nano was founded in 2011. |
| Where is Forge Nano headquartered? | Forge Nano is headquartered in Louisville, KY, United States. |
| Is Forge Nano publicly listed? | No, Forge Nano was acquired by Archimedes Tech SPAC Partners II Company in April 2026. |
| Who acquired Forge Nano? | Forge Nano was acquired by Archimedes Tech SPAC Partners II Company in April 2026. |
| How much was Forge Nano acquired for? | Forge Nano was acquired for $1.6B in April 2026. |
| What is Forge Nano's valuation? | Forge Nano was last valued at $1.3B in its Series D in April 2026. |
| How much funding has Forge Nano raised? | Forge Nano has raised $165M across 6 funding rounds. |
| What was Forge Nano's last funding round? | Forge Nano's last funding round was a $42M Series D in April 2026. |
| Who are Forge Nano's investors? | Forge Nano's investors include OIC, Ascent Hydrogen Fund, Townsend Capital, Hanwha Aerospace, Top Material Co, Catalus Capital, Rock Creek and General Motors Ventures. |
| Which companies are comparable to Forge Nano? | Companies comparable to Forge Nano include Chengzhi, Zhenghai Magnetic Material, Graphite India, StoreDot, Diamond Foundry and Jiangsu Cnano Technology. |
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