According to the company, Powdermet is developing from an engineered nano-powder R&D lab into a commercial sector company. Abakan is already the single largest shareholder in Powdermet subsidiary Mesocoat, an Ohio, USA-based nanotechnology materials science company that specialises in metal protection and repair.

“We have been partnering with defence agencies for the last several years building some very advanced breakthrough material technologies,” said Andrew Sherman, President and CEO of Powdermet. “Having already worked closely with the Abakan team from their investment in MesoCoat, I recognise their capability to facilitate our commercialisation strategy for Powdermet.”
 
“Powdermet has some of the most innovative products we have seen in our quest to invest in new surface modification technology companies,” said Robert Miller, CEO of Abakan. “As an added benefit, Abakan increases its interest in the fast growing MesoCoat and will hold a direct and indirect 61% ownership position.”