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Applied Graphine Materials to raise £9M
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Tuesday, 10 October 2017

 

Durham University spin-out Applied Graphene Materials has revealed plans for a share placing to raise a minimum of £9m.

The shares are being offered as part of an accelerated bookbuild and the funds raised will be used by the business to support joint development activity with customers, along with the development of its Structural Ink programme.

The news comes as Applied Graphene Materials reported narrowed pre-tax losses of £4.3m for the year to 31 July 2017.

Chief executive Jon Mabbitt hailed the "considerable progress" of Applied Graphene Materials.

"Demonstrating the modular scale up of our production process, that can produce high quality graphene dispersions of a consistent quality, has been a major achievement," he added.

"Having secured our first production order in 2016 we have continued to build on this, working closely with our customers and this has resulted in additional production orders.

"Achieving these milestones has been key and whilst the timing of production orders will be determined by our customers I am confident that we are well positioned to secure an increasing number of larger commercial contracts."

News source: Insider Media North East

 

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