22 May 2018 07:00
Applied Graphene Materials plc
("Applied Graphene Materials", "AGM" or "the Group")
Commercial agreement with James Briggs Limited and Trading Update
Applied Graphene Materials, the producer of specialty graphene materials, is pleased to announce that James Briggs Limited ("JBL"), a leading independent chemicals business, intends to bring a new range of aerosol paint primers containing AGM's graphene to market during the last quarter of 2018.
Due to the outstanding results achieved in coating properties through the incorporation of AGM's graphene Genable® dispersion into their paints JBL anticipates extending the use of graphene technology into other product lines within their range.
Jim Miller, JBL's Commercial Director commented, "The 2 year development collaboration between JBL and AGM has resulted in our first products coming to fruition. The programme has encompassed both processing and formulation optimisation studies and ultimately demonstrated that AGM's graphene nanoplatelets can deliver a significant extension to coating life against environmental corrosion effects".
Jon Mabbitt, Chief Executive Officer of Applied Graphene Materials, said:
"I am delighted that after extensive testing we have successfully demonstrated the commercial benefits of incorporating AGM's graphene into a coatings application on an industrial scale. We are continuing to work closely with JBL both for the initial roll out programme and to extend incorporation of our graphene into other JBL products. This is clear validation of our focused strategy of demonstrating AGM's ability to deliver significant material enhancements that can be incorporated on an industrial scale within the coatings sector. We remain confident that this will be the first of many coating applications utilising our graphene."
AGM is also pleased to announce that it has received first orders for both its Structural Ink materials and its Genable G4400 thermal paste. Both products are being sold within the composites industry and represent a significant step forwards in wider acceptability of graphene in this sector.
Trading Update
The Group also anticipates that trading for the year ending 31st July 2018 will produce a LBITDA* of £(3.9m), with production revenues for the current year of £0.1m. Cash is expected to be in line with forecast at £10.1m.
*LBITDA comprises loss on ordinary activities before interest, tax, exceptional costs, depreciation and amortisation
Ends
For further information, please contact:
Applied Graphene Materials +44 (0) 1642 438 214
Jon Mabbitt, Chief Executive Officer
Gareth Jones, Chief Financial Officer
N+1 Singer +44 (0) 207 496 3000
Richard Lindley / James White
Hudson Sandler +44 (0) 207 796 4133
Charlie Jack / Emily Dillon
Notes to Editors
About Applied Graphene Materials
Applied Graphene Materials works in partnership with its customers using its knowledge and expertise to provide bespoke graphene dispersions and formats to deliver enhancements and benefits for a wide range of applications. The Group's strategy is to target commercial application in three core markets: coatings, composites and polymers and functional fluids.
The Group has developed proprietary bottom-up processes capable of producing high purity graphene nanoplatelets using a continuous process. The manufacturing processes are based on sustainable, readily available raw materials and therefore do not rely on the supply of graphite, unlike most other graphene production techniques. Applied Graphene Materials owns the intellectual property and know-how behind these processes.
Applied Graphene Materials was founded by Professor Karl Coleman in 2010 with its operations and processes based on technology that he initially developed at Durham University. The Group was admitted to AIM in November 2013, raising £11 million, and is based at the Wilton Site on Teesside.
About James Briggs Limited
Established in 1830 JBL is a leading independent paint manufacturer, combining extensive technical expertise with industry-leading design to provide bespoke packaging and product decoration. Today, JBL produce around 50 million aerosol cans per year of which their own Hycote primer is a small, but significant proportion.