Versarien upbeat on recent company progress

4th Oct 2024 16:06

(Sharecast News) - Advanced materials engineering group Versarien updated the market on its progress across several key sectors and markets on Friday, reporting a growing pipeline of opportunities, rising from £1.6m in October 2023 to £4.7m currently, with £1.6m in commercial opportunities and £3.1m in grants.

The AIM-traded firm said it continued to focus on developing advanced materials, especially graphene, through manufacturing-light operations and technology licensing.

In the construction sector, the company said it had placed orders for equipment to enhance its in-house construction testing capabilities following a July fundraising.

The equipment would support the development of graphene-based products, such as Cementene.

Versarien said it had also signed its first significant 3D construction printing (3DCP) contract with Building For Humanity CIC for a project in Accrington, UK.

The company anticipated on-site activities to begin in 2025.

In addition, Versarien said it was working with Balfour Beatty on a 12-month project to develop graphene-enhanced 3DCP materials.

In the leisure sector, Versarien said it had seen growing demand for its Graphene-Wear inks, with sales to customers in Europe, South Korea, and South America.

The company said it was also working on improving its footwear compounds for Flux Footwear in the US to enable larger-scale production.

Versarien explained that its strategy also included expanding its technology licensing.

In March, it entered into a licensing agreement with Montana Química in Brazil, and was continuing to explore further partnerships globally.

Research and development activities remained a priority, the board said, with Versarien maintaining its collaboration with academic institutions and research centres to drive innovation in graphene and other advanced materials.

The company said it was planning to exhibit at key industry events, including UK Construction Week 2024 and Highways UK, as part of its efforts to expand its market presence and develop new talent through partnerships such as its recent collaboration with AccXel Construction School.

"I am delighted to report that Versarien is continuing to make significant strides in its commercial endeavours, building on our strong foundation of innovation and collaboration," said chief executive officer Dr Stephen Hodge.

"Over the past year, we have seen encouraging growth across all our key markets, particularly construction.

"We are achieving our milestones as laid out in our turnaround strategy with the disposal of AAC Cyroma and sale of our CVD graphene assets."

Dr Hodge said he was also "optimistic" that the company would be able to progress the sale of Total Carbide.

"Our strategic partnerships with large UK and global players are pushing us to the forefront of delivering sustainable, high-performance solutions enabled by our advanced materials and technologies.

"We are proud to be working with companies that share our vision for a cleaner, more efficient future, and we are seeing the fruits of these collaborations materialise in new development contracts."

At 1537 BST, shares in Versarien were down 0.92% at 0.05p.

Reporting by Josh White for Sharecast.com.