Gnanomat

Versarien, which has been in financial trouble for months, has collapsed into administration. The Company has appointed business advisory firm Leonard Curtis to oversee its affairs after filing an intention of notice to appoint administrators in December.

The company, which suspended trading on AIM last month, produced graphene for use in the aerospace, clothing and biomedical sectors. The group fell into financial difficulty last year and was forced to put a number of its businesses and assets up for sale.

The sale of Versarien, which previously announced it had been "receiving multiple offers" for the accelerated sale of its intellectual property and shares, has reportedly collapsed at the final hurdle and administration now seems likely. The company has been close to administration throughout 2025 and said in late September that it would run out of cash by November.

Versarien was in the process of closing a £200,000 deal with an unnamed company which would have seen it buy Versarien’s shares in Total Carbide Limited and Gnanomat SL, together with assets including patents and trademarks held by Versarien and graphene production equipment held by Versarien Graphene Limited – the latter of which is already in administration.

Versarien, which previously announced it had been "receiving multiple offers" for the accelerated sale of its intellectual property and shares, is now in advanced talks with a UK-listed company, according to a recent statement.

Versarien said it has now signed a non-binding agreement with the third party for the disposal of its "remaining material assets and subsidiaries", and has entered into a period of exclusivity until 30 November. Under the terms of the offer, the acquirer will purchase Versarien's shares in Total Carbide and Gnanomat, together with the patent and trademark portfolio held by Versarien and related graphene production equipment.

Versarien has reported it has received multiple offers for its accelerated sale of intellectual property and shareholdings, including its pioneering graphene-related assets through Gnanomat SL and Total Carbide Ltd. The company emphasized that no outcome is guaranteed until legal agreements are finalized.

To extend its limited cash runway—currently forecast, but not assured, to last until the end of September 2025—Versarien continues to take measures to conserve resources.

Following updates on Versarien's attempted steps towards improving its financial structuration, it was reported that a proposed acquisition of graphene-related assets owned by Versarien by a joint venture involving China’s Anhui Boundary Innovative Materials Technology has been prevented via an order from the UK government.

The order prevents the transfer and use of both tangible and intangible assets, including intellectual property and know-how with potential dual-use applications. A notice on the government’s website said this was “necessary and proportionate to prevent, remedy or mitigate the risk to national security”.

Versarien, which has lately been trying to take various steps towards improving its financial structuration, announced that the process of trying to sell certain assets of the Group's UK Technology companies has concluded without a suitable offer being received.  

The Company therefore expects that Versarien Graphene Limited will shortly be placed into administration and Cambridge Graphene Limited and 2-DTech Limited will commence the process of voluntary liquidation. Versarien Korea Limited has now ceased all operations.

Versarien has completed the sale of its South Korean factory and equipment for more than £600,000. The agreement with MCK Tech was announced last March as part of a strategy to monetize intellectual property (IP) through licensing. The transaction was meant to complete last July, but was delayed after MCK Tech asked for an extension to the deadline.

Versarien has now received the final payment of £92,000, plus accrued interest. In total, Versarien has received £611,000 after a £6,000 warranty deduction from MCK Tech for its Korean plant and equipment.

Versarien has announced that its 90%-owned subsidiary Gnanomat has been awarded a €0.8 million (around USD$840,000) grant to support a two-year project focused on next-generation energy storage devices. 

Versarien said that the grant was expected to be received in a single payment before the end of 2024. It said the funding would cover 70% of Gnanomat's anticipated costs for the development of GnanoCaps, an energy storage device leveraging the company's proprietary hybrid nanomaterials platform. GnanoCaps was designed to combine the high power and rapid recharge capabilities of supercapacitors with improved energy delivery, enhanced safety, and the use of clean electrolytes, eliminating explosion risks associated with lithium-ion batteries.

Versarien has said it is making progress in line with its strategy as it cuts its cost base. The engineering materials company said it has reduced its cost base "significantly", with its loss before interest, tax, depreciation, amortization and exceptional items at a lower run rate than in the first half of the year. As a result, it said it has seen a reduction in cash burn.

Versarien said despite its reduced cost base, it is making progress in its strategy to license its technology, brands and manufacturing expertise, divest its non-core activities and Korean assets and strengthen its scientific teams.  Versarien said it would continue to preserve intellectual property within the group whilst reducing operating costs, as it seeks to become a “manufacturing light operation”.

Versarien has reported that its Spanish business has secured funding for a new project, in a boost to the group’s turnaround strategy. The Company said its majority-owned subsidiary, Gnanomat, has been awarded a grant of around €415,000 (around USD$445,660) by a government body.

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