24th Nov 2020 16:21
(Alliance News) - Cheltenham-based advanced materials engineer Versarien PLC on Tuesday said it has been awarded a GBP2.0 million UK Defence, Science & Technology Laboratory product development agreement.
Shares in Versarien were up 17% at 41.54 pence in London in afternoon trading.
The DSTL is part of the Ministry of Defence and "is responsible for ensuring that innovative science and technology contribute to the defence and security of the UK."
The agreement is for the development of graphene loaded polymer composites for use in confidential "defence related applications" and contains work packages, due for completion by the end of March 2022.
Chief Executive Neill Ricketts said: "Versarien is delighted to have been awarded this agreement by DSTL, which acknowledges the quality of our products and technical ability. We look forward to completing the project on time and to supporting the Ministry of Defence in applying graphene to military applications."
By Anna Farley; [email protected]
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