Cheltenham graphene innovator reports revenues down, but remains upbeat

Versarien

The advanced engineering group Versarien, which has its headquarters in Cheltenham, has reported Group revenues of £6.6 million, down from £8.3 million last year.

But the company has continued to innovate and expand.

Neill Ricketts, Chief Executive Officer of Versarien, said: “Despite the challenges arising from the pandemic, which not unexpectedly impacted our mature businesses, we have continued to focus on the commercialisation of our graphene technologies and in particular through the GSCALE project. I am pleased to report that the manufacturing scale up is advancing in tandem with the progress on commercialisation of the project’s applications.

“Highlights include the development and supply agreements for textiles and the number of infrastructure opportunities following the successful pourings of graphene enhanced concrete. In addition, we are working with multiple industrial partners to develop composite structures for automotive, aerospace, defence and rail. We have also demonstrated 40 per cent improvement in concrete strength, 30 per cent increase in tyre rubber stiffness and have applied to trademark GrapheneWearTM as part of the textile commercialisation. With this we continue to pursue our strategy of global positioning to ensure that our products can be supplied to multiple sectors in multiple markets.”

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Over the last year Versarien bought the graphene assets and IP from Hanwha Aerospace Company Ltd in South Korea, valued at £4.34 million. The company was also awarded a £5 million Innovation UK loan for its GSCALE project (Graphene, Seat, Concrete, Arch, Leisure, Elastomer).

It was also awarded a £1.95 million development agreement by the Defence, Science and Technology Laboratory, part of the Ministry of Defence, and secured anEU Grant of €357,000 to Gnanomat for scale-up and development of electrode materials.

Versarien launched its graphene enhanced protective face masks using PolygreneTM, Versarien’s graphene enhanced polymer, and completed a project with Rolls Royce and the Graphene Engineering Innovation Centre to understand and create technological advances in the aerospace sector using chemical vapour deposition (CVD) graphene and other 2D materials.

More recently, the manufacturer has secured a £1.93 million investment by Graphene Lab, and bought a Spanish graphene manufacturing company.