Modumetal Honored at 2015 World Oil Awards
Company wins New Horizons Idea Award – a category that recognizes a game-changing product, technology or idea that redefines the industry’s thinking
Seattle, WA – October 21, 2015 – Modumetal, the leading developer and manufacturer of a new class of nanolaminated metals and materials, is a winner of the 2015 World Oil Awards in the New Horizons Idea category. The award recognizes the company’s innovative and cost-saving technology that enables oil and gas partners to reduce corrosion and improve their return on assets.
According to World Oil, the winner of the New Horizons Idea Award symbolizes how the industry will operate in the future and serves as a guidepost to the next generation of leadership entering today’s upstream energy sector.
“The award is a validation of Modumetal’s breakthrough technology and its ability to deliver immediate value to the oil and gas sector,” said Christina Lomasney, co-founder, CEO and president of Modumetal. “We are ushering in a new age of metals and materials, which have significant benefits for companies working in highly corrosive, aggressive environments where the return on assets has a direct correlation to financial performance.”
Modumetal products are operating in production fields around the world. From off the coasts of Australia and Africa to the U.S., oil and gas customers are using Modumetal parts and materials, such as nanolaminated fasteners, pumps, valves and production tubulars, to reduce corrosion and to improve their return on assets.
“The cost of corrosion is a $2.2 trillion problem worldwide,” said Lomasney, “and Modumetal continues to gain momentum in the oil and gas sector – as well as across a range of other industries – as we demonstrate the value of stronger, lighter and more durable materials. Our technology is both deployable and a cost-competitive alternative to traditional steels and alloys, but with dramatically improved performance.”
Using nano-layering technology, Modumetal is able to produce an entirely new class of metals and materials that are stronger and lighter, more corrosion resistant and durable than conventional steels and alloys. The company’s manufacturing process of nanolaminated metals – think metallic plywood with really thin layers – is also a breakthrough, able to deliver materials at a cost that is competitive with conventional alloys.
To learn more about Modumetal, please visit: www.modumetal.com.
Modumetal is pioneering the manufacture of a new class of nanolaminated metals with applications across a range of industries including energy, aerospace, automotive and construction. Modumetal’s patented manufacturing approach uses electricity, rather than heat, as its primary energy input, enabling near room temperature operations and unlocking unprecedented materials performance at competitive costs. Modumetal has established partnerships with leading oil and gas, aerospace and technology companies, and the company’s investors include Founders Fund, BP, Chevron, ConocoPhillips and Steel Dynamics. To learn more, please visit www.modumetal.com.