Former General Motors Company vice chairman Robert Lutz has joined the board of a steel materials design company called NanoSteel Co Inc.
The company has previously received investment from the U.S. automaker via its investment arm.
Privately held NanoSteel has created a technology for the manufacture of a new class of high-strength steel. The company is hoping to eventually license the new technology to steelmakers for use in the auto industry.
„NanoSteel’s approach has the potential to offer the most natural progression for automakers to stick with their most trusted material – steel – and at the same time enjoy exceptional properties that support the design of next generation fuel efficient vehicles,” Lutz said in a company statement.
In August, NanoSteel received an undisclosed investment from GM’s venture capital arm as a way to gain access to the company’s new steel alloy technology. “Over the next several years, light-weighting of vehicles will be a major focus area to improve fuel economy. NanoSteel’s nano-structured alloys offer unique material characteristics that are not available today, making them a potential game-changer,” GM Chief Technology Officer and head of GM Ventures said at the time of the investment.
The lead investors in NanoSteel include EnerTech Capital and Fairhaven Capital Partners.