JL New Material secures multimillion-yuan Series A round

JL New Material has closed its Series A financing round in July 2020, raising tens of millions of yuan.

JL New Material has closed its Series A financing round in July 2020, raising tens of millions of yuan.

The round was led by Yizhou Investment, and the proceeds will be used to support the upgrading of technology R&D and the construction of industrial demonstration bases of the company.

Through seven years’ efforts, JL New Material has successfully developed a new type of alloy material, supercrystalline scandium aluminum alloy, which is produced by using rare earth scandium and aluminum as main materials.It is called scandium aluminum alloy material.

Scandium aluminum alloy material is a fundamental, strategic and revolutionary mother material that is extremely strong, light and inexpensive. JL New Material is the first company in the world to produce scandium aluminium alloy material on a low-cost, large-scale basis.

The company was introduced in June 2019 as a major project by Xiaoshan of Zhejiang Province.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/08/06/jl-new-material-secures-multimillion-yuan-series-a-round/.

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