Applied Graphene Materials, which recently reported a widening annual loss, has decided to re-align itself and focus on graphene dispersion, a process of mixing graphene with other materials to enhance the mechanical and barrier properties of the material.
The company said it will work primarily to grow revenue from a "pipeline of approximately 100 active engagements".
The restructure is intended to shrink Applied Graphene Materials' operating cost base and extend its cash runway to two years at least, so it is in a better position for delivering "new products to the market place".
Applied Graphene will consult with employees with the goal of "implementing a re-alignment of its operations towards dispersion and application know-how and customer support".
Chief Executive Adrian Potts said: "Our absolute priority and focus remains to support our commercial partners in successfully incorporating graphene, achieving product launches and growing revenues. We have built an exceptional technology base around dispersion know-how and practical end-use of our products. The board strongly believes that [Applied Graphene] is well placed in graphene and target market sectors and is confident that, with the reduced cost base and existing cash resources, the company will have sufficient time to significantly grow revenues in the emerging graphene market."