Versarien plc, the Cheltenham-based advanced materials engineering group, has announced that Versarien Graphene (Hong Kong) Limited, its wholly-owned subsidiary, has signed a joint venture agreement with Young-Graphene (Beijing) Technology Company Limited (YG).
YG has appointed the Secretary General of the China International Graphene Industry Union to act for it in this matter and is also supported by the Beijing Institute of Graphene Technology Co. Ltd. Versarien’s wholly foreign owned enterprise (Beijing Versarien Technology Co., Ltd) will become the joint venture company with YG for the development of its activities in China.
The Joint Venture will have exclusive use of Versarien’s technologies in China. Versarien will retain rights to its existing technologies and intellectual property, with newly developed intellectual property being retained by the joint venture or end users.
Neill Ricketts, Chief Executive Officer of Versarien, said: “Despite the impact of Covid-19 around the world, the Company has been able to continue to make progress on executing its strategy in China, as illustrated with the confirmation of this joint venture agreement. As highlighted in our February 2020 update, discussions are continuing to facilitate an equity investment in Versarien.”