Versarien - Page 3

Versarien has stated that it will require further funding to support its activities as it continues to face a number of challenges. However, the Company said it has the potential to deliver significant returns from the commercialization of its technology and expects to overcome the challenges and successfully commercialize its significant technology base.

Versarien's Board is evaluating options for divestment of its mature businesses, which are no longer core activities, to focus solely on exploiting graphene technology. In addition, the Board is reviewing its overseas operations in Spain and South Korea. The Company noted that significant cost reductions have already occurred, and non-executive directors have agreed to waive any remuneration from the company indefinitely. The executive directors' pay is also being reviewed. Despite these cost reductions, as abovementioned, the Company will require further funding to support its activities, and the Board is evaluating all appropriate options.

Versarien has announced the completion of the construction phase of a civil engineering project being undertaken by the Company with a subsidiary of Costain Group.

Versarien has been working with Costain to develop designs for, and bring into production, a 3D printed concrete headwall for use in highway construction projects, part of the Digital Roads of the Future Partnership, a collaboration led by the University of Cambridge, Costain and National Highways, of which Versarien is a partner.

Versarien has announced the launch of Umbro's ProTraining Elite range, including garments incorporating the Company's Graphene-Wear technology.

Versarien has been working with Umbro since 2018 and these are the first products to be launched in Europe incorporating the Company's technology.  Umbro's new ProTraining Elite long-sleeve running tops, baselayers and running tights have Versarien's Graphene-Wear ink formula printed on the inside.  The Graphene-Wear formula features novel properties that will allow wearers to experience enhanced thermal transmittance, increased moisture management, with improved drying rate, without compromising air or water vapor permeability.  In particular, these three garments will benefit significantly from applying Graphene-Wear as they are being worn in circumstances where maintaining core body temperature is more desirable and difficult to achieve.  The garments also have Versarien's Graphene-Wear trademark applied.

Versarien has announced that it has raised £1.85 million (around USD$2,259,000) in new share capital.

Yesterday, Versarien provided an update on its £5 million graphene project G-SCALE (Graphene, Seat, Concrete, Arch, Leisure, Elastomer). The project aims to produce sufficient quantities of graphene to enable commercialization of graphene-enhanced products in these five priority application areas.

On 1 July 2020, Versarien announced that the UK Government, via Innovate UK, had granted a £5 million loan to the Company, for a project named G-SCALE, an acronym for Graphene, Seat, Concrete, Arch, Leisure, Elastomer. The award was to facilitate the production of sufficient quantities of graphene to enable commercialization of graphene-enhanced products in these five priority application areas.

Recently, Versarien has provided a summary of G-SCALE progress for each of the relevant segments. 

Silca, producer of bicycle accessories, has launched a graphene-based chain lubricant, Hot Wax X. Silca claims it ‘runs roughly 0.5 watts faster’ than their original Secret Chain Blend hot-melt wax, and that it can extend the chain life to 30,000km. The new lubricant comes at quite a high price of £220 per 300g tin. 

Silca previously made waves with its Secret Blend Hot Chain Wax, which gained the reputation of 'the fastest lubricant in the world'. Now, Silca found Nanene (by Versarien, which owns the Nanene brand), a commercial type of graphene, to further improve its product.

Versarien recently entered a commercial agreement with BiaBrazil, a Brazilian sports and activewear manufacturer, for the integration of Versarien's Graphene-Wear technology into a new range of women and men's activewear garments. This agreement follows a 16-month phase of work between the two companies.

Versarien, in a statement, said it will make further announcements regarding launch dates for the line of products though noted that it expects they will be available for sale during Q1 2023 in the UK and worldwide.

Versarien has announced the launch of a new hybrid nanomaterial that has superparamagnetic properties, which can be used across a range of applications, like defense and healthcare. The new material combines graphene with both iron oxide and manganese oxide nanoparticles and its development was led by Versarien's 62% owned subsidiary, Gnanomat.

The superparamagnetic material combines graphene with both iron oxide and manganese oxide nanoparticles that provide the material with magnetic properties. In return, graphene provides electrical conductivity to these electrically insulating metal oxides. Magnetic nanocomposites can readily respond to external magnetic fields which allow them to be manipulated. Potential applications of the material include the treatment of wastewater whereby pollutants are adsorbed onto the graphene surface. The material could also lends be used in biomedical and biotechnology applications, or defense applications requiring the shielding of electromagnetic fields. Magnetic manipulation could allow the recovery and recycling of the graphene, something that could not be done with normal graphene compounds.

Versarien has announced a partnership with sports and leisurewear manufacturer OG Classic, to integrate its Graphene-Wear technology into its enhanced team sports and leisurewear product line.

The partnership will see graphene-enhanced fabrics emerge into the Middle Eastern market with Versarien’s Graphene-Wear technology featuring in apparel lines by the Dubai-based manufacturer.

Versarien announced its latest financial results. The company reports increased interest from global companies, with an increase in revenues and a drop in net loss.

In the year that ended on March 2022, Versarien's revenues grew to £7.6 million, up from £5.7 million a year ago. The group's graphene revenues grew by 170% to £1.9 million. The company's operating loss decreased to £1.04 million (down from £1.88 a year ago). Versarien reported it had £3.1 million in cash and equivalents at the end of the quarter.