• Atomic Layer Deposition (ALD) Technology: A proprietary coating process that applies ultra-thin, uniform layers of material at the atomic scale to enhance product performance across various industries.
• ALD Equipment and Systems: Specialized reactors and tools designed for industrial-scale application of their ALD technology for material coating.
• Material Coating Services: Contract services offering the application of their ALD coatings to customer-supplied materials for performance enhancement.

Forge Nano primarily sells its atomic layer deposition (ALD) technology and coated materials to other businesses (B2B) across various industrial sectors. Identifying specific major customers can be challenging for B2B companies due to confidentiality agreements. However, publicly disclosed information indicates significant partnerships and customer relationships, particularly in the automotive and battery industries.

One prominent publicly known strategic partner and customer is:

• Volkswagen Group of America (part of Volkswagen AG - VWAGY): Forge Nano has a strategic partnership with Volkswagen to integrate its ALD technology to improve battery materials for electric vehicles.

Beyond this, Forge Nano serves a range of industries including:

• Battery manufacturers: For electric vehicles, consumer electronics, and grid storage.
• Chemical and petrochemical companies: For improved catalysts.
• Aerospace and defense contractors: For lightweight, high-performance materials.
• Medical device companies: For biocompatible and durable coatings.
• Additive manufacturing (3D printing) companies: For enhanced material properties.

Paul Lichty, Chief Executive Officer

Paul Lichty is the Co-Founder and Chief Executive Officer of Forge Nano. He holds a Ph.D. in Chemical Engineering and a B.S. in Mechanical Engineering from the University of Colorado Boulder. Lichty has a strong background in founding several high-tech companies in the energy and surface science fields. He previously led the U.S. division for an international company, where he built a 150+ person sales team and secured distribution across major national retailers, culminating in a successful exit to a publicly listed company in 2013. Lichty invented the method of high throughput material surface engineering (atomic layer deposition, or ALD) and founded Forge Nano as a spin-out from the University of Colorado Boulder in 2011. He is also actively engaged as an investor and advisor to early and growth-stage companies.

Michael Kleinberg, Chief Financial Officer

Michael Kleinberg serves as the Chief Financial Officer of Forge Nano, bringing extensive financial leadership experience across high-growth technology and emerging enterprises. Prior to joining Forge Nano, he was the CFO, North America at RS2 Software plc, a global payments technology company operating across more than 35 countries. Kleinberg also served as a Senior Principal at CBIZ CMF, a financial consulting and deal origination firm focused on private equity, indicating a pattern of managing companies backed by private equity firms. His earlier CFO roles were with technology and services businesses in the Denver market, and he possesses deep expertise in debt and equity financing, M&A transactions, operational finance, and due diligence.

Wyman Fang, Chief Operating Officer

Wyman Fang is the Chief Operating Officer of Forge Nano, responsible for leading global operations, driving operational excellence, scaling manufacturing, and enabling rapid revenue growth.

Curtis Zimmermann, Chief Legal Counsel

Dr. Curtis Zimmermann is the Chief Legal Counsel at Forge Nano, where he oversees corporate legal strategy, intellectual property, and compliance. He brings a unique combination of scientific and legal expertise, holding both PhD and JD credentials.

Shane Smith, President, Forge Battery

Shane Smith is the President of Forge Battery, a subsidiary of Forge Nano. He has significant experience in scaling technology companies from the growth stage to public markets. Smith previously held the position of COO at Microvast, Inc., where he successfully guided the company through a $2.8 billion public listing. His prior roles include Senior Vice President of Product Marketing at TransCore (a Roper Technologies subsidiary) and Vice President of Global Marketing for Mobile Devices at TriQuint Semiconductor (now Qorvo).

Key Risks to Forge Nano's Business

1. Industrial-Scale Commercialization of Atomic Armor Technology: Forge Nano's core business relies on its proprietary Atomic Armor platform, which uses atomic layer deposition (ALD) to enhance battery materials. A key risk is successfully reproducing these material-level improvements reliably at an industrial scale, ensuring consistent quality, high throughput, and efficient yield in a manufacturing environment. The ability to transition this advanced atomic-scale technology to industrial-scale production determines its commercial viability and competitive strength.
2. Execution Risk of Gigafactory Construction and Operations: Forge Nano is undertaking a significant investment of $300 million to $330 million to construct a 3 GWh advanced battery manufacturing facility in Morrisville, North Carolina, with production slated to begin in 2028. This ambitious project, partly subsidized by a $100 million Department of Energy grant, carries inherent risks related to potential construction delays, cost overruns, challenges in equipment installation and commissioning, and difficulties in achieving projected production capacities and operational efficiencies.
3. Reliance on Strategic Partnerships and Market Adoption: Forge Nano's growth strategy is significantly bolstered by strategic partnerships with major industry players such as Samsung SDI (for manufacturing expertise and conditional cell purchases) and GM Ventures. While these collaborations provide critical support and validation, the business model's success is dependent on maintaining these relationships and securing sufficient market adoption for its differentiated battery cells, particularly in specialized defense, aerospace, and energy storage applications, amid a competitive and evolving market landscape.

Here are 3-5 expected drivers of future revenue growth for Forge Nano over the next 2-3 years:

1. Growing Demand in AI-Era Chip Manufacturing: Forge Nano's proprietary Atomic Layer Deposition (ALD) technology and advanced materials are critical for artificial intelligence (AI)-era chip manufacturing. As the demand for AI technologies continues to accelerate, Forge Nano is well-positioned to capitalize on the need for high-performance components in the semiconductor industry.
2. Expansion in Defense and Lithium-ion Battery Applications: The company's ALD nanocoating technology is used in defense battery applications and to enhance lithium-ion battery cathode materials, improving stability and cycle life. Policy tailwinds and increasing U.S.-based manufacturing requirements for defense technology are expected to drive significant revenue growth in these sectors.
3. Entry into New Strategic Market Verticals: Forge Nano plans to diversify its revenue streams by expanding into new market verticals, including data centers and pharmaceuticals. This strategic expansion will allow the company to apply its Atomic Armor™ ALD nanocoating platform to a broader range of products and industries, opening up new avenues for growth.
4. Broader Commercialization and Adoption of Atomic Armor™ Platform: Forge Nano develops and produces high-performance materials and devices using its proprietary Atomic Armor™ ALD nanocoating platform technology. Increased commercialization and widespread adoption of this scalable and adaptable nano-scale coating system across various industries will be a key driver of revenue through equipment sales and coating services.
5. Strategic Backing and Government Initiatives: Forge Nano has secured significant capital, including a $100 million U.S. Department of Energy grant, and has strategic equity investors such as General Motors Ventures, Hanwha Aerospace, Volkswagen, Air Liquide, and LG Technology Ventures. This strong financial and strategic backing, coupled with policy tailwinds supporting U.S.-based advanced manufacturing, is expected to accelerate market penetration and secure substantial contracts, contributing to revenue growth.

Inbound Investments

• Forge Nano secured $40 million in new funding in April 2025, co-led by RockCreek and Ascent Funds, which increased total capital investment in the company to over $140 million.
• In July 2026, Forge Nano closed its Series D funding round at $97 million and secured an additional $23 million in Private Investment in Public Equity (PIPE) financing, bringing the total PIPE financing to $123 million.
• The July 2026 PIPE financing included a $20 million strategic investment from Samsung SDI, with $10 million allocated to the PIPE and $10 million to Forge Nano's Series D financing.

Share Issuance

• As part of its pre-public listing capital formation, Forge Nano has issued equity in its Series D round, which closed at $97 million in July 2026.
• The company also issued shares in a PIPE financing round, with new commitments totaling $23 million priced at $10.00 per share in July 2026.
• Upon the closing of its definitive business combination agreement with Archimedes Tech SPAC Partners II Co., Forge Nano's common stock and warrants are expected to trade on NASDAQ.

Capital Expenditures

• The $40 million funding raised in April 2025 was intended for further domestic manufacturing expansion and workforce development.
• Forge Nano recently installed a new state-of-the-art battery manufacturing line and a cleanroom production facility for semiconductor ALD tool production at its Colorado headquarters.
• Capital raised through the Series D and PIPE financing in July 2026 is earmarked to accelerate the commercialization of its ALD semiconductor equipment platform and expand domestic production of advanced lithium-ion battery materials.