27th Jan 2014 11:44
LONDON (Alliance News) - IP Group PLC Monday said it has extended its commercialisation agreement with The University of Manchester to include funding for graphene projects.
IP Group, which is known for its 20.4% stake in Applied Graphene Materials PLC, the graphene company that floated on AIM in November last year, said it is looking invest in further graphene projects.
"IP Group's first graphene company, Applied Graphene Materials, floated on AIM in November and we look forward to making more investments in this exciting area," Alan Aubrey, chief executive, said in a statement.
The extension of the commercialisation agreement means IP Group will identify new potential spin-out companies. In return, it receives an equity stake in the spin-out companies.
IP Group, which last week said it would raise at least GBP75.0 million in a capital raising, said it will increase its funding by GBP2.5 million to GBP7.5 million overall under the revised agreement, if its capital raising completes as scheduled on February 14.
Graphene, a thin yet strong material, conducts electricity as efficiently as copper and outperforms other materials as a conductor of heat.
The University of Manchester is world-renowned for its role in the history of the material, as it is the institution where physicists Andre Geim and Kostya Novoselov isolated graphene in 2003, which won them the 2010 Nobel Physics Prize. The university is home to the National Graphene Institute.
IP Group shares were Monday quoted at 173.50 pence, up 0.9%.
By Samuel Agini; [email protected]; @samuelagini
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