TIDMVRS
RNS Number : 6253R
Versarien PLC
01 July 2020
1 July 2020
Versarien plc
("Versarien", the "Company" or the "Group")
GBP5 million Innovate UK Loan Agreement
Versarien plc (AIM: VRS), the advanced materials engineering
group, is pleased to announce that the Company has been awarded a
legally binding GBP5 million loan facility ("the Loan") by Innovate
UK Loans Limited, a wholly owned subsidiary of UK Research and
Innovation.
Innovate UK has been running a n extended pilot innovation loans
programme over the past three years with GBP75 million committed to
the scheme with normal loan amounts of up to GBP1million. The
innovation loans are targeted at UK small or medium-sized
enterprises (SME) that want to scale up and grow by developing new
or improved products, processes or services , as well as late-stage
research and development projects that have not yet reached the
point of commercialisation.
The UK Government, via Innovate UK, has agreed to the provision
of the GBP5 million L oan to Versarien , the first of such
magnitude by Innovate UK specifically for a project named G SCALE,
(an acronym for Graphene-Seat, Concrete, Arch, Leisure, Elastomer)
which is designed to enable Versarien to significantly increase its
manufacture of quality assured graphene.
The award of the loan , which occurred on 1 July 2020, follows a
rigorous process of innovation assessment and is intended to
facilitate the production of sufficient quantities of graphene by
Versarien to enable market supply of commercial quantities of
graphene-enhanced materials.
Loan repayments will commence 45 months after drawdown and be
paid over a subsequent period of 36 months. The Loan attracts at an
interest rate of 7.4% per annum with half of the interest deferred
until the repayment period commences. The loan includes normal
commercial financial covenants, together with certain operational
covenants designed for UK IP protection.
The loan will be available for drawdown following perfection of
normal commercial security arrangements in eight quarterly tra n
ches, the first of which drawdowns is expected within the next
month. Further, details concerning the Loan will be provided upon
the completion of security documentation, which will be announced
in due course.
Neill Ricketts, CEO of Versarien, commented: "Versarien is
delighted to have been awarded this loan by Innovate UK, which
acknowledges the work we are undertaking and advancements made Our
vision for the business also sits within the context of the UK
government's industrial strategy 'Grand Challenges', which is
focused on clean growth, the ageing society, AI and the data
economy and the future of mobility. The loan will help Versarien
step up its graphene production capacity so that we can expedite
the commercial adoption of graphene enhanced materials"
Enquiries:
Versarien
Neill Ricketts, CEO +44 (0)1242 269
Chris Leigh, CFO 122
SP Angel Corporate Finance (Nominated Adviser
and Joint Broker) +44 (0)20 3470
Ewan Leggat, Soltan Tagiev 0470
Berenberg (Joint Broker) +44 (0)20 3207
Mark Whitmore, Simon Cardron 7800
Yellow Jersey (Investor Relations)
Charles Goodwin
Georgia Colkin
Henry Wilkinson +44 (0)20 3004
Versarien@yellowjerseypr.com 9512
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 seven active subsidiaries operating
under two divisions:
Graphene and Plastics
2-DTech Ltd, which specialises in the supply, characterisation
and early stage development of graphene products. 2-DTech is based
at the Graphene Innovation Engineering Centre, a GBP60 million
facility set up to work in collaboration with industry partners to
create, test and optimise new concepts for the delivery of graphene
to the market. www.2-dtech.com
AAC Cyroma Limited, 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 has
the ability to produce graphene-enhanced plastic products.
www.aaccyroma.co.uk
Cambridge Graphene Limited, supplies novel inks based on
graphene and related materials, using patented
processes to develop graphene materials technology. www.cambridgegraphene.com
Gnanomat S.L. ("GNA"), based in the Parque Cientifico Madrid,
Spain, is a company capable of utilising Versarien's graphene
products in an environmentally friendly, scalable production
process for energy storage devices that offer high power density,
fast recharging and very long lifetimes for use in electrical
vehicles and portable electronics products. www.gnanomat.com
Versarien Graphene Inc - based in Texas, is the recently
incorporated sales business for the UK's graphene products.
Hard Wear and Metallic Products
Versarien Technologies Limited has developed an additive process
for creating advanced micro-porous metals targeting the thermal
management industry and supplies extruded aluminium.
www.versarien-technologies.co.uk
Total Carbide Limited, a leading manufacturer in sintered
tungsten carbide for applications in arduous environments such as
the oil and gas industry. www.totalcarbide.com
About Innovate UK
Innovate UK drives productivity and economic growth by
supporting businesses to develop and realise the potential of new
ideas. It funds businesses and research collaborations to
accelerate innovation and drive business development into
R&D.
UK Research and Innovation is a new organisation that brings
together the UK Research Councils, Innovate UK and Research England
into a single organisation to create the best environment for
research and innovation to flourish. The vision is to ensure the UK
maintains its world-leading position in research and innovation.
For more information visit www.ukri.org .
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END
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