Abakan Inc. announced that its subsidiary, MesoCoat, Inc., was awarded a $1.5 million loan from the Ohio Department of Development's Ohio Third Frontier Commission to scale up PComP™ production and expand PComP™ coating services.
"Our PComP current powder production expansion plan is ramping up annual production to 18 tons increasing sales to $240,000 per month," said Robert Miller, Abakan, Inc.'s CEO. "The $1.5 million loan will assist MesoCoat to increase the scale up of PComP production from 18 tons to 160 tons per year increasing projected powder sales revenues to $1,600,000 per month and thermal spray revenues of $1,000,000 per month, over the next few years. We anticipate that the PComP™ production ramp up will result in an average annual growth rate of approximately 75% over three years from our fiscal year end May 2015 to May 2018."
MesoCoat's PComP product lines (cermet's fabricated into a hierarchical structure, using a patented process to engineer particle sizes down to the nano-scale) serve the thermal spray coating industry, which is currently a $10 billion industry globally, catering to the oil and gas, mining, aerospace and defense, automotive, infrastructure, heavy equipment, chemical, and processing industries. The PComP™ family of coatings is positioned to replace the very expensive tungsten carbide coatings and toxic electrolytic chrome plating.
PComP nanocomposite metal-ceramic coatings offer the wear and corrosion resistance of ceramic materials, such as diamond or glass, but with the toughness and resilience of metals. These nanocomposite coatings impart wear and corrosion resistance to metal surfaces and reduce friction in sliding wear applications. The PComP cermet coatings are easy to apply and machine to tight tolerances for dimensional restoration of worn industrial components. The PComP family of coating materials has been designed to act as a drop-in replacement for competing thermal spray materials that can be used in existing application systems based on a unique, patented coating microstructure that combines the high hardness zones of a ductile metal in an optimal geometry. PComP coatings are up to 70 percent lighter than tungsten carbide (WC) coatings, and up to 40% lighter than the hard chrome alternative due to the use of light and low-cost, nitride-based reinforcements.