Funds Will Accelerate Industry and Market Expansion and Innovations
in Protective Coating Solutions for Electronics
RALEIGH, N.C.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Financing?src=hash” target=”_blank”gt;#Financinglt;/agt;–HZO,
a global leader in protective nanocoatings that safeguard electronics
from the most demanding corrosive and liquid environments, announced
today that it has closed on $70 million in a new financing round. The
round is comprised of $40 million of Series IV Preferred Stock and $30
million of new credit facilities provided by Cathay Bank for capital
equipment and working capital. The proceeds will help fast track market
and market segment expansion, research and development investments, and
next generation coating applications, building on the triple-digit
growth the company experienced each of the last two years.
“HZO provides an essential solution to manufacturers looking to meet
consumer expectations and commercial demands for waterproof coating
solutions,” said Nelson C. Chan, executive chairman, HZO. “Since 2011,
the company has built an extensive patent portfolio of over 350
proprietary assets and has a successful track record serving Fortune 100
organizations, all of which underpins the latest financing and speaks to
the extraordinary opportunities that lie ahead for the business.”
HZO’s applications perform well beyond the industry IPX7 standard for
protecting electronics from rain, sweat, salt water, corrosion and more.
To achieve its mission, the company pioneered a Spectrum of Protection™
– a suite of coating solutions applied directly to sensitive circuitry,
to help create a more durable product offering. HZO brings together deep
domain knowledge, proven manufacturing processes, advanced nanocoating
materials and the industry’s most state-of-the-art equipment. Today, the
business serves diverse sectors from transportation and IoT to consumer
electronics and healthcare.
“Society’s growing dependence on technology for everything from personal
convenience items like smartphones to mission-critical applications like
autonomous driving has driven exponential demand to deliver more
durable, reliable and protected electronics,” said Simone Maraini, CEO,
HZO. “This most recent round of financing will help ensure we meet
customer requirements and drive next-generation innovation for
protective coating solutions.”
The most recent financing brings the total capital raised by HZO to $225
million and supports HZO’s expanding global footprint – 12 worldwide
factories and a contracted workforce that will exceed 2,000 this year.
The company also recently announced its headquarter relocation to
Raleigh, North Carolina, providing it with greater access to top
technical talent and university partnerships.
To learn more about HZO, visit https://hzo.com/.
About HZO Inc.
HZO is a global leader in delivering world-class protective nanocoatings
that safeguard electronics from the most demanding corrosive and liquid
environments. The company brings together people, process, capital
equipment and material science, leveraging an extensive patent portfolio
to create unique solutions to meet specific customer requirements.
Working with some of the largest companies across industries including
consumer electronics, IoT, medical device and automotive, HZO delivers a
better, more reliable and more durable water resistant and waterproof
product that reduces costly returns, improves customer satisfaction and
drives overall brand value. For additional information on HZO, visit www.hzo.com.
MCC for HZO
972-480-8383 ext. 224