RE: Hi what's happened here for such a drop?14 Dec 2020 10:01
Chief Executive Officer’s Review and Strategic Report
As stated above, this year has been particularly challenging with the Covid-19 pandemic taking full force and effect towards the end of our financial year. As has been reported previously, we are now concentrating on the major collaboration opportunities and these are allied to the £5 million Innovate UK loan (“the Loan”) awarded to us at the end of June 2020. The Loan particularly acknowledges the work we are undertaking, the advancements made and the strategic importance of our 2D materials technology to the UK. The Loan will help Versarien step up its graphene production capacity so that we can expedite the commercial adoption of products utilising graphene enhanced materials.
As we stated would be the case in our announcement on 25 February 2020 the Company intends to use its interim and full year results announcements to provide updates on the status of the Company’s various collaborations and will not make announcements between these unless a disclosure obligation arises. I am therefore pleased to provide an update on our current commercial collaborations as well as a summary of specific funding.
In order to ensure the appropriate focus of the Company’s resources and to ensure that the monetisation of our technologies is now the primary focus of the Company’s attention we have segmented our various collaborative projects. Our primary focus is on those projects that are related to the GSCALE project, whilst still continuing to progress others that are likely to provide medium term returns.
Funded projects
FunderProjectAmountDurationInnovate UKGSCALE£5,000,00024 monthsGraphene FlagshipAircraft surface de-icing€350,00036 monthsAdvanced Propulsion CentreLow carbon technologies£104,00018 months
GSCALE collaborations:
Start dateDescription Current status May-20Coats Group PlcThe agreement will see the parties work on four specific projects, which will focus on two different manufacturing processes that use Versarien graphene nano-platelets and graphene inks in different consumer textile applications in the Apparel and Footwear sectors. The agreement follows new research and testing on yarn extrusion featuring the Company’s graphene materials at the Warwick Manufacturing Group and subsequent discussions with an existing collaborative partner of the Company. Mar-19Initial order from US company for 12kg of HP-GNP incorporated into polymer masterbatch for down-hole drilling componentsTesting on scale up is underway at the customer test facility in Europe and the next milestone is a live drilling test but is subject to ongoing restrictions re Covid-19.Mar-19Further collaboration with Chinese Aerospace CompanyThe parties continue to progress through the work plan created with samples sent for further testing. Dec-18MOU China RailwayThe project, which involves GEIC and other civil engineering parties, continues to progress well. The testing features trials with various grades
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