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LONDON (Alliance News) - Haydale Graphene Industries PLC Thursday said it has signed a joint development agreement with Flowtite Technology AS to develop glass fibre reinforced plastic products.
Flowtite is the wholly owned glass fibre reinforced plastic pipe technology and research and development centre of the Saudi Arabian Amiantit Co.
The two companies are now undertaking a joint research programme. Under terms of the two year deal Haydale will grant Amiantit exclusive worldwide rights to develop its unique technology in next generation glass fibre reinforced plastic pipe systems for water and sewage applications, assuming a successful outcome from the initial trial.
"We are delighted to be working with Amiantit, the global leader and leading innovator in its sector. This is a very significant market internationally and we couldn't hope for a better partner to validate our technology and create superior pipes for the water and sewerage industry," said Chief Executive Officer Ray Gibbs in a statement.
Shares in Haydale were up 1.5% at 177.60 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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