Applied Graphene Materials raises almost $8.3 million to "carry out next stage of growth plan"

Applied Graphene Materials has raised £6 million (around USD$8.2 million) from institutions and private investors for working capital to help it serve expected growth in customer and product demand.

Giving more detail on the need for the extra funds, Applied Graphene Materials' board stated it believes the group has a product range and third party distributor network to capitalize on the opportunities in its markets and accelerate commercial momentum.

Current cash levels would be enough to sufficient working capital to operate to October this year, but the fundraising is "necessary to execute the next stage of its growth plan", the board said.

As well as to provide ongoing working capital funding, including costs associated with continuing the product and technology development roadmap, and to service of anticipated growth in customer and product demand, the funds will also enable minor capital expenditure, including a coating spray booth to bring full control of testing in-house.