4th Oct 2024 16:46
(Alliance News) - Versarien PLC on Friday announced an increase in its pipeline of opportunities and outlined recent commercial progress.
The Gloucestershire, England-based advanced materials engineering group said its pipeline of opportunities currently stands at GBP4.7 million, nearly tripling from GBP1.6 million on October 1, 2023. This follows the appointment of Stephen Hodge as chief executive officer just over a year ago.
Commercial opportunities represent GBP1.6 million of the current pipeline, whilst grants represent GBP3.1 million.
Versarien has placed orders for equipment to provide an in-house construction testing capability, which will accelerate its developments of graphene-based admixtures and quality control of 3D-printed products. The company is due to receive the equipment in November and has funded the order through the GBP550,000 gross proceeds it raised in its July placing.
The company also recently generated Graphene-Wear ink sales to customers in Europe and South Korea, whilst sales partner GoToGym has made "excellent progress" in South America, with several companies undergoing fabric and wearer trials with Graphene-Wear garments. Versarien is now engaged with 14 companies to supply Graphene-Wear inks for use in textile products.
The group said its research & development activity continues to progress at the Cambridge Graphene Centre in the University of Cambridge and the Nanotechnology & Integrated Bioengineering Centre at Ulster University. It has renewed its membership of the Graphene Engineering Innovation Centre at the University of Manchester as a tier 2 partner for the sixth year.
Chief Executive Officer Stephen Hodge said: "I am delighted to report that Versarien is continuing to make significant strides in its commercial endeavours, building on our strong foundation of innovation and collaboration. Over the past year, we have seen encouraging growth across all our key markets, particularly construction. We are achieving our milestones as laid out in our turnaround strategy with the disposal of AAC Cyroma and sale of our [chemical vapour deposition] graphene assets. I am also optimistic that we will be able to progress the sale of Total Carbide.
"Our strategic partnerships with large UK and global players are pushing us to the forefront of delivering sustainable, high-performance solutions enabled by our advanced materials and technologies. We are proud to be working with companies that share our vision for a cleaner, more efficient future, and we are seeing the fruits of these collaborations materialise in new development contracts."
Shares in Versarien closed 10% higher at 0.060 pence each in London on Friday.
By Emily Parsons, Alliance News reporter
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