Versarien continues turnaround as Spanish subsidiary wins funding

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Troubled graphene manufacturer Versarien has said its Spanish business has secured funding for a new project, in a boost to the group’s turnaround strategy.

The Gloucestershire engineering firm, which makes products using the nanomaterial for the automotive, clothing, biomedical and aerospace sectors, said its majority-owned subsidiary Gnanomat has been awarded a grant of around €415,000 (£357,000) by a government body.




Gnanomat will use the money to help develop and commercialise a new line of conductive inks based on Versarien’s nanomaterials, for use in the production of electronic goods.

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AIM-listed Versarien has been looking to preserve intellectual property within the group whilst reducing operating costs. The firm posted a widened £3.4m pre-tax loss in its half-year results, following a marginally widened loss of £8.4m for the 18 months to the end of September 2022, with bosses saying the tough economic conditions had delayed the commercialisation of its products.

Bosses said the funding would cover certain operating overheads which otherwise would have been cut, and help to expand the group’s product offering while reducing Gnanomat’s reliance on wider group funding.

Stephen Hodge, who was appointed to lead Versarien’s recovery efforts as chief executive in July, said: “We are very pleased that Gnanomat has been awarded this grant which will enable it to quickly expand its ink-based product offerings in the electronics sector, a sector in which it already has a number of potential commercial opportunities.

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