Chairman Bryan Dobson will say: “The successful conclusion of the placing and open offer, raising approximately £8.5 million, has allowed the Group to continue to plan for a significant increase in its production capacity and to fund customer collaborations and joint development activity as the business pursues production orders. The fundraising followed a year of good progress in developing our commercial pipeline, including collaborations with a number of blue chip international partners.
“Our main focus remains on driving forward opportunities to win production orders with existing commercial partners, along with new joint development agreements and collaborations. The pipeline of opportunities has grown significantly over the last year, although most collaborations remain subject to strict client confidentiality. However, I am pleased to be able to confirm that we are collaborating to develop graphene based anti-corrosive coatings with Sherwin-Williams Protective & Marine Coatings (the largest US paint producer) and TWI Ltd (world leader in materials and corrosion management). Innovate UK has confirmed that it will be co-funding this exciting collaboration.
“Corrosion is estimated to cost the British economy £10 billion per annum, primarily affecting major infrastructure sectors such as construction, petrochemicals and transport. Organic coatings loaded with hazardous or environmentally harmful metals such as zinc and chromates are commonly used to protect such structures and so it is desirable to find improved and sustainable alternative solutions. Graphene has been identified as an alternative anti-corrosive additive and the collaboration aims to develop the use of graphene in anti-corrosive coatings. The corrosion resistance of a coating is not a single property but a summation of many properties such as barrier resistance, electrochemical behaviour, mechanical strength and resistance to damage. “As our customer engagements continue to progress, we are confident that the Group remains well positioned to become a leading graphene provider.”