BROOMFIELD, Colo., Oct. 12, 2022 (GLOBE NEWSWIRE) — via InvestorWire — Industrial Nanotech, Inc. (Pink Sheets: INTK), a global nanoscience solutions and research leader, today announced that the Company is launching SteelTile™ (US & International Patents Pending), a new extreme high-temperature thermal insulation product for use on steel mill furnaces and other extreme high temperature, energy-intensive industrial equipment.
The US steel manufacturing industry has been one of the leading industries focused on reducing the amount of energy used to make their products. The industry has reduced its energy use per shipped ton of steel by more than 60 percent since the end of World War II and continues to be a priority for the industry.
In Europe, the focus has intensified recently due to energy price/supply insecurity. UK steelmaker British Steel said the spiraling energy bills cannot be absorbed and are putting the UK steel industry at a significant competitive disadvantage.
(S&P Global – Commodity Insights)
The Company’s first specification, prepared for US Steel, shows an annual energy savings of $1,722,220.81 for just one of their large steel mill furnaces. SteelTile™ for that large furnace only cost the customer $1,129,944.00, which means the payback period for the customer to recoup their initial investment is 7.87 months and they save $1,722,220.81 per every 12-month period after that.
“We are very confident that this new product is going to be popular,” said Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc., “and add substantially to our growing revenue stream, save our customers a significant amount of money, and continue to contribute to our mission of reducing global warming while simultaneously increasing the profitably of our company and our customers.”
Industrial Nanotech, Inc. is a global nanoscience solutions and product development leader. See the following links for more information:
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise/update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
Investor Contact: Rodd Leeds