Cheltenham-headquartered advanced materials engineering group, Versarien, has secured investment of £1.93 million from and entered into a wide-ranging series of agreements with Graphene Lab Co Ltd, a South Korean based company specialising in chemical vapor deposition graphene, including sensors, OLEDs, and flexible transparent touch panels, with the intention of advancing both Versarien’s and Graphene Lab’s proposed activities in South Korea.
This follows Versarien’s acquisition of certain graphene production related assets and intellectual property from South Korea based Hanwha Aerospace Co. Ltd last December.
Graphene Lab has entered into the agreement with the company’s wholly owned subsidiary in South Korea, Versarien Korea Ltd. The agreement includes the provision of a licence to Graphene Lab to utilise, exclusively in South Korea, 14 of the patents acquired through the acquisition for a five per cent royalty on sales payable to Versarien and the sharing of new premises in South Korea.
Neill Ricketts, CEO of Versarien, said: “We are delighted to have secured this agreement with Graphene Lab, which will enable us to advance our plans in South Korea, following the acquisition in December. I am also pleased that our partnership with Graphene Lab has been further reinforced by the stake they have taken in Versarien. We are excited by the opportunities for Versarien in South Korea, including for new product developments, and we look forward to providing updates in due course.”