25th Sep 2018 13:29
LONDON (Alliance News) - Versarien PLC on Tuesday said it is to acquire a 62% stake in Spanish firm Gnanomat SL for GBP2.6 million.
Madrid-based Gnanomat, the firm said, can use Versarien's graphene products in its energy storage devices.
Versarien is to pay with GBP673,000 in cash and then issue 1.3 million shares to Gnanomat shareholders at a price of 150 pence each. It will also provide a EUR1.3 million loan to Gnanomat, via convertible loan notes.
Shares were 1.0% lower Tuesday at 184.11 pence each.
Versarien Chief Executive Neill Ricketts said: "We are delighted with the acquisition of GNA and the opportunities it will brings us. The incorporation of graphene into energy storage devices has the possibility to radically enhance their capabilities, meeting the demands to increase power density and reduce charging times for everything from hand held devices to electric cars.
"In addition, the acquisition will provide Versarien with a European centre of excellence in addition to our existing graphene operations in Manchester and Cambridge, further enhancing our capabilities and access to research facilities and funding as we strive to be at the very leading edge of the commercialisation of graphene."
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