XG Sciences, a supplier of graphene nanoplatelets and value-added products containing graphene nanoplatelets, recently announced that it has closed an agreement with The Dow Chemical Company for up to a $10 million senior credit facility, which may be drawn down in tranches by XGS at its discretion through December 2019.
The company received $2 million under this facility at close and may draw another $3 million at its discretion at any time prior to the first anniversary of the agreement. After the first anniversary of the closing, the company may access the remaining $5 million, provided it has raised at least $10 million of additional equity capital. XG Sciences and Dow agreed to hold commercial discussions including the potential out-license of certain of Dow’s manufacturing IP related to graphene nanoplatelets to XGS.
XGS stated that it has seven customers who are using its materials in their products and actively selling them to their customers or actively promoting them for future sales, and the company expects that another 10 to 15 customers will begin to use its products commercially in 2017.