24th Sep 2019 14:43
(Alliance News) - Graphene products maker Versarien PLC on Tuesday said it has made progress on a number of collaborations and its activity in China.
Ahead of its annual general meeting on Tuesday, Executive Chair Neill Ricketts said Versarien is in advanced discussions with an Asian-based textile partner to secure a commercial partnership "in the near future".
Versarien in July said it signed a letter of intent with the partner to launch sportswear containing Versarien's graphene ink technology.
Ricketts also reported that a year-long trial, with Leeds University, "of a new graphene delivery method into textiles" was completed successfully.
He added: "Results show significant improvements in tensile strength and thermal conductivity through the addition of our graphene. This development will allow us to expedite further commercial trials in both consumer and industrial textile applications with our current partners in these sectors."
Versarien is also testing to develop a new grade of concrete using a graphene based material, as part of a collaboration agreement with US infrastructure firm AECOM.
Turning to China, Versarien in April announced a collaboration pact with Beijing Institute of Graphene Technology Co Ltd.
The institute has assisted Versarien in establishing a "wholly foreign owned enterprise", registered in Beijing.
The institute is also working towards purchasing up to 15% of Versarien's shares, through the issue of new shares.
Ricketts said: "BIGT continues to work towards the purchase of up to 15% of Versarien's share capital through the issue of new shares to BIGT, but BIGT acknowledges Versarien's desire to also offer shares to institutions and private investors at the same time as any investment by BIGT."
Shares in Versarien were 2.9% lower at 100.00 pence each in London on Tuesday.
By Eric Cunha; [email protected]
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