Sugar Land, Texas -- Exousia Advanced Materials Inc. said 7 May that it has received a commitment for $3 million funding from a private capital group and expects to finalise the details in the next few weeks.
The company, which makes industrial coatings and engineered composites for eco-friendly wood substitutes, some based on urethane materials, said it will initially get $1 million, with an additional $2 million as needed as it achieves revenue and profit milestones.
"As a result of the recent distribution agreement we signed with Universal Forest Products (UFPI) and increased orders in China, we have very high demand for our products," said Wayne Rodrigue, chairman and ceo, in a company statement. Rodrigue said the money will allow Exousia "to ramp up our production and expand our facilities to meet the increase in demand."
In its Tianjin, China, coatings plant, Exousia plans to increase capacity to its potential $4-6 million a month, in its Channelview, Texas, coatings facility to $1 million a month and in its RPA (a proprietary olefin resin) facilities to about $2-3 million a month.
Rodrigue said the company plans to "pursue additional expansion and growth opportunities as we move forward with our aggressive commercialisation strategy."
Exousia makes proprietary resins, industrial coatings, and structural materials, including SIPs (structural insulating panels) using its E-Core structural polyurethane foam.