Last checked at 21 Mar 2017 07:00
21 March 2017
Versarien plc
Cambridge Graphene Update
Versarien plc (AIM:VRS) ("Versarien" or the "Company"), the advanced materials group, is pleased to provide an update on progress at the Company's recently acquired subsidiary, Cambridge Graphene Limited ("Cambridge Graphene").
The acquisition by the Company of an 85 per cent. stake in Cambridge Graphene was announced on 19 January 2017 and was followed by a successful £1.5 million fund raising announced on 6 March 2017. The Company is pleased to confirm that some of the funds raised have already enabled capital equipment to be purchased and installed at Cambridge Graphene. This equipment, operated by the existing Cambridge Graphene team, supplemented by recently added personnel, is already producing graphene for customers in sample quantities. Further testing and commissioning of capital equipment is ongoing to enable the Company to scale up its graphene manufacturing capability.
Neill Ricketts, CEO of Versarien, commented: "We are delighted to have been able to quickly deploy some of the funds from the recent fund raising to enhance and scale up the operations at our Cambridge Graphene facility. We are focused on the rapid commercialisation of our graphene technology and the addition of the Cambridge facility to our existing operations is already providing tangible benefits. We look forward to scaling up production to meet the substantial commercial demand we are anticipating.
"One of the existing strengths of Cambridge Graphene is their expertise in the production of novel graphene inks. We are pleased to say that Innovate UK has selected the Company to present and demonstrate Cambridge Graphene's ink products, together with other Versarien graphene innovations, at the HiPerNano 2017 event being held in London on 6 April 2017. We welcome these opportunities to showcase our technology to potential end-users and we believe that our graphene technology can help solve a number of the engineering challenges they face."
For further information please contact:
Versarien plc | www.versarien.com |
Neill Ricketts - Chief Executive Officer | +44 (0) 1242 269 122 |
Chris Leigh - Chief Financial Officer | |
WH Ireland (Nominated Adviser) | www.whirelandplc.com |
Mike Coe / Ed Allsopp | +44 (0) 117 945 3470 |
IFC Advisory (Financial PR and IR) | www.investor-focus.co.uk |
Tim Metcalfe / Graham Herring / Heather Armstrong / Miles Nolan | +44 (0) 20 3053 8671 |
Notes to Editors:
About Versarien
Versarien plc (AIM:VRS), is an advanced engineering materials group. Leveraging proprietary technology, the Group creates innovative engineering solutions for its clients in a diverse range of industries. Versarien has five subsidiaries operating under two divisions:
Thermal and Hard Wear Products
Versarien Technologies Ltd. which owns the exclusive rights to a patent-protected additive process for creating advanced micro-porous metals targeting the thermal management industry and manufactures extruded aluminium heat sinks for the electronics and computing industries. www.versarien-technologies.co.uk
Total Carbide Ltd, a leading manufacturer in sintered tungsten carbide for applications in arduous environments such as the oil and gas industry. www.totalcarbide.com
Graphene and Plastics
2-DTech Ltd, which specialises in the supply, characterisation and early stage development of graphene products. www.2-dtech.com
ACC Cyroma Ltd, which specialises in the supply of vacuum-formed and injection-moulded products to the automotive, construction, utilities and retail industry sectors. Using Versarien's existing graphene manufacturing capabilities, AAC will have the ability to produce graphene-enhanced plastic products. www.aaccyroma.co.uk
Cambridge Graphene Ltd, which supplies novel inks based on graphene and related materials, using patented processes and develops graphene materials technology for licensing to manufacturers. www.cambridgegraphene.com