Forge Nano (https://www.forgenano.com/), a Thornton, CO-based developer of atomic layer deposition coatings, has raised $23 million in Series D funding. The company applies its Atomic Armor platform to improve thermal stability and performance in lithium-ion batteries, semiconductors, and defense hardware. The capital will accelerate U.S. manufacturing and commercialization ahead of a planned public listing.
Samsung Partnership Signals U.S. Battery Ambitions
The timing aligns with a landmark strategic partnership with Samsung SDI. Samsung invested $20 million total ($10 million in Series D and $10 million in PIPE) and will support construction of Forge Nano's North Carolina Gigafactory while purchasing cells from the facility. Production is slated for 2028. This arrangement positions Forge Nano as an authorized U.S. distributor of Samsung SDI cells.
Battery Performance Hits Surface Limits
Conventional lithium-ion cells face degradation at electrode interfaces that current coatings cannot fully address. Forge Nano's ALD process applies uniform, pinhole-free layers one atom at a time. The approach claims to enable full combat-ready power in under 10 minutes while suppressing thermal runaway, without altering underlying chemistry.
ALD Equipment and Cell Production Combined
Forge Nano sells both ALD equipment (TEPHRA wafer tools and powder coaters) and its own lithium-ion cells through Forge Battery. The TEPHRA platform delivers 100x chemical efficiency compared with traditional systems. The company also manufactures 100% U.S.-sourced cells at its Morrisville facility, backed by a $100 million DOE grant.
"Forge Nano coats the materials. Forge Nano builds the cells. Forge Nano is building a gigafactory. This is what a vertically integrated domestic defense energy platform looks like."
Strategic Capital Validates Supply Chain Goals
Samsung SDI's investment reflects conviction in domestic battery production. Other strategic backers include GM Ventures, Volkswagen, and Hanwha Aerospace. The round closed as part of a broader $97 million Series D and $123 million in PIPE commitments at $10 per share. Pro forma cash upon SPAC merger with Archimedes Tech SPAC Partners II is expected to reach approximately $367 million.
ALD Market Expands Across Verticals
The global ALD market is projected to reach between $4.75 billion and $9.88 billion by 2030-2034, growing at 8.4% to 12.95% CAGR. Battery coating applications alone are forecast to hit $1.6 billion to $4.6 billion by 2030. Competitors include Group14 Technologies, which raised $1.16 billion total including a $463 million Series D in June 2025, and Sila Nanotechnologies, which secured $1.31 billion across 14 rounds.
Leadership Drives Execution Narrative
CEO Paul Lichty has guided the company through 14 years of development and over a decade of commercial sales. The team holds more than 200 patents in ALD technology. Forge Nano is pursuing a SPAC merger expected to close in H2 2026 at a $1.2 billion pre-money valuation.
What's Next
With the Samsung SDI partnership and Gigafactory construction underway, Forge Nano targets 3 GWh annual capacity and commercial cell production by 2028. The company has opened a Taiwan engineering office to support photonics customers and recently secured a TEPHRA order from a leading integrated photonics manufacturer.