Sub-One Technology Receives Venture Backing From Nomura International, GE, Chevron...

Sub-One Technology Receives Venture Backing From Nomura International, GE, Chevron Technology Ventures and Advanced Technology Ventures

PLEASANTON, Calif.--(Business Wire)--
Sub-One Technology announced today that it has closed $24 million
in new financing. The Series-C funding was led by Nomura International
and included GE Energy Financial Services, Chevron Technology Ventures
and Advanced Technology Ventures. Sub-One's InnerArmor(R) technology
is the only process capable of cost effectively applying a
hard-as-diamonds coating to the interiors of critical liquids and gas
handling equipment and piping. InnerArmor applications cover a wide
spectrum of industries and applications including oil and gas,
automotive, chemical, semiconductor, pulp and paper, public utilities
and aerospace.

Russell Pullan, Nomura's Director of New Energy & Clean Technology
Ventures, commented, "InnerArmor technology will deliver significant
corrosion, erosion and friction reduction benefits across industries
in a wide variety of applications worldwide. Sub-One has put together
an experienced team of business managers, scientists and coatings
experts, and we were attracted by the strong support from heavyweights
such as Chevron and GE."

Many industries make extensive use of pipes, couplers, tanks,
valves, cylinders and other equipment through which liquids, gases or
materials flow. InnerArmor coatings provide longer service life,
improved flow performance and reduced operating costs, and are
environmentally friendly.

"The Sub-One team, advisors and investors are committed to
delivering commercial applications of InnerArmor coatings with
unmatched anti-corrosion, erosion and wear abatement properties," said
Andrew Tudhope, CEO, Sub-One Technology. "Sub-One will use the new
funding to meet growing customer demand for our revolutionary coatings
that significantly outperform comparable interior coating approaches."

About Sub-One Technology

Sub-One Technology develops high-performance protective coatings
for industrial applications. Its InnerArmor coating process applies an
ultrahard, pinhole-free, chemically inert protective coating to
critical equipment to reduce operational costs associated with
corrosion, erosion and friction reduction. With offices and staff in
Aberdeen, Scotland, Houston, Texas, and Pleasanton, California, the
company is providing commercial coating systems to coating applicators
and manufacturers worldwide. (www.sub-one.com)

About Nomura International

New Energy & Clean Technology Ventures, a division of the leading
Asia-based investment bank Nomura, aims at leveraging the bank's
strengths in opening markets across Asia. It intends to act as a
bridge between later-stage U.S. and EU companies and the surging
demand for new forms of clean energy and water technologies in India,
China and across Asia. Based in London, the division is in a strong
position to provide larger sums of capital to companies with
potentially game-changing technologies, and to help its portfolio
companies forge links with Japanese multinationals. Nomura is a global
financial services group dedicated to providing a broad range of
financial services for individual, institutional, corporate and
government clients. The group offers a diverse line of competitive
products and value-added financial and advisory solutions through its
global headquarters in Tokyo and an international network in 30
countries. (www.nomura.com)

About GE Energy Financial Services

GE Energy Financial Services' 350 experts invest globally with a
long-term view, backed by the best of GE's technical know-how and
financial strength, across the capital spectrum and the energy and
water industries, to help their customers and GE grow. With $17
billion in assets, GE Energy Financial Services, based in Stamford,
Connecticut, invests more than $5 billion annually in two of the
world's most capital-intensive industries, energy and water.
(www.geenergyfinancialservices.com)

About Chevron Technology Ventures

Chevron Technology Ventures, the Venture Capital Arm of Chevron,
identifies and invests in new technologies and business opportunities
that can create value, clear competitive advantage and superior
financial returns for Chevron. Chevron (NYSE:CVX) is one of the
world's leading energy companies. With approximately 56,000 employees,
Chevron subsidiaries conduct business in more than 180 countries
around the world, producing and transporting crude oil and natural
gas, and refining, marketing and distributing fuels and other energy
products. Chevron is based in San Ramon, California. (www.chevron.com)

About Advanced Technology Ventures

Founded in 1979, Advanced Technology Ventures (ATV) is a
bi-coastal venture capital firm with more than $1.6 billion capital
under management. ATV works closely with entrepreneurial teams in
cleantech, information technology and healthcare, to build
emerging-growth business ventures into market leaders. With more than
29 years of experience, ATV has a proven track record of success in
helping to build strong, sustainable business enterprises.
(www.atvcapital.com)

Sub-One Technology
John Newman, +1-925-924-1020
jnewman@sub-one.com

Copyright Business Wire 2008