The financial terms of the deal were not disclosed.
Led by Alan Lund, CEO, Veloxint is commercializing products and parts based on fundamental science developed at the Massachusetts Institute of Technology (MIT) in Cambridge, Mass. Its new nanocrystalline metal alloys offer strength and are also designed from the atomic level up for thermodynamic stability to enable long-term stable operation even at elevated temperatures. Target markets include automotive, military, high-performance tooling, aerospace, oil and gas, construction, and 3D printing.
The company, which operates a development and prototyping facility in Framingham which conducts alloy development and scale-up, material characterization, and application testing, will use the funds to accelerate its development activities. Concurrently, both parties have entered into a technology development agreement to jointly commercialize metal alloys for applications of mutual interest. The partnership will give Stanley Black & Decker access to technology to incorporate into their products.