Versarien

Versarien has launched a new biosensor chip utilizing novel graphene barristor sensor platform technology. These graphene barristor devices, developed in South Korea by A Barristor Company (ABC), will utilize chemical vapor deposition (CVD) grown graphene, that is produced under a Versarien license. Versarien has signed a distribution agreement with ABC to distribute the products in the UK and Europe.

A barristor (triode device) is a new type of graphene‐based transistor with a Schottky barrier between graphene and silicon. The current modulation is amplified more than 10,000 times compared to graphene field‐effect transistors (GFET), enabling the barristor transistors to overcome many GFET limitations.

Versarien has announced it has raised £450,000 (almost USD$585,000) by way of a placing new ordinary shares in the capital of the Company. 

The net proceeds of the Placing will be used to further increase the Company's in-house concrete and mortar testing capabilities and fund external UKAS accredited testing services for 3D construction printed products, as well as for general corporate and working capital purposes.

Versarien has shared updates on its progress across several key sectors and markets, reporting a growing pipeline of opportunities, rising from £1.6 million (over USD$2 million) in October 2023 to £4.7 million currently (over USD$6,100,000), with £1.6 million (over USD$2 million) in commercial opportunities and £3.1 million (over USD$4 million) in grants. The Company said it continued to focus on developing advanced materials, especially graphene, through manufacturing-light operations and technology licensing.

In the construction sector, the company said it had placed orders for equipment to enhance its in-house construction testing capabilities following a July fundraising. The equipment would support the development of graphene-based products, such as Cementene. Versarien said it had also signed its first significant 3D construction printing (3DCP) contract with Building For Humanity CIC for a project in Accrington, UK. The Company anticipated on-site activities to begin in 2025.

Versarien has announced that it has signed an agreement with Balfour Beatty Group to develop a range of low carbon, graphene-infused, 3D-printable mortars suitable for civil construction.

This will include formulating three types of mortar: one based on local materials, and two enhanced with Versarien's graphene admixture, Cementene. Additionally, efforts will focus on establishing a UK-based supply chain, involving identifying local suppliers, integrating the graphene admixture, implementing quality control protocols, and creating distribution channels and sales frameworks for both domestic and international markets.

Versarien has announced the completed sale of its wholly-owned subsidiary AAC Cyroma to Harper Bennett for £0.55 million (around USD$734,000).

Versarien said the sale aligned with its strategy to focus on its core graphene technology and divest its more mature businesses. It said the consideration would be paid in 16 equal quarterly instalments of £34,375, starting three months after completion. To safeguard the transaction, Versarien would retain a charge over AAC Cyroma's assets and those of Harper Bennett until all payments were completed.

Versarien has announce that the Company has entered into a contract with Building For Humanity for Versarien to act as a 'print partner' to support Building For Humanity CIC, a community interest company, with a range of services for its flagship Charter Street project in Accrington, Lancashire.  The contract, initially valued at approximately £200,000 will see Versarien providing 3D construction printing ("3DCP") input at all stages of the project, giving Building For Humanity a full service from design to construction.

It was disclosed that the Company had previously signed a letter of mutual commitment to support the Charter Street project. The contract now signed follows the formal commencement of the project, which will see the development of 46 high-quality affordable homes, in five blocks, along with associated infrastructure, including a community hub, led by Building For Humanity. The initial phase of the project will involve the construction of the first housing block and the community hub.

Versarien has announced it has raised £550,000 before expenses (over USD$700,000) by way of a placing new ordinary shares.

The net proceeds will be used for the purchase of concrete and mortar testing equipment to support the ongoing Cementene^TM admixture developments for BS934 accreditation, and for use in testing new mortars and products developed using the Company's 3D construction printing capability, in addition to general corporate and working capital purposes.

Versarien’s strategic realignment to core graphene technology reportedly resulted in narrowed losses and an improved cash position in the six months up to 31 March. 

Operational highlights in the period included agreement with MCK Tech in Korea for the exclusive license of five CVD patents. Versarien also sold its South Korean plant and equipment to MCK Tech for £604,000. The Company secured a know-how and manufacturing license agreement with Montana Quimica LTDA, a Brazilian multinational focused on paints and wood finishing products. Additionally, Versarien entered into a mutual letter of commitment to support Building for Humanity in providing 3D concrete printed materials for social housing in Accrington.

Versarien has announced that it has, in line with its stated strategy to monetize intellectual property through licensing, entered into a manufacturing license agreement and a know-how license and technical assistance agreement with Montana Química ("Montana"). Montana is a Brazilian headquartered multinational business focused on the production and sale of paints, wood preservatives and other wood finishing products including stains and varnishes. The agreements cover the use of the Company's proprietary graphene and related material dispersions and formulations (Graphinks™) in products to be manufactured and sold by Montana in South America, together with Versarien providing further additional know-how, technical assistance and training to Montana.

Under the terms of these agreements, Versarien has granted a license to Montana, for an initial period of five years, to use certain intellectual property and know-how owned by the Company in their business in South America. Montana will pay Versarien initial fees of £50,000 in March 2024 in consideration of the know-how and technical assistance, including training, to be provided. Once Montana commences manufacturing under the agreement, a further payment of £25,000 will be due to the Company, together with an amount equal to 5% of the total sales revenue earned from products manufactured using Versarien's intellectual property and know-how, subject to minimum royalty payments of £25,000 per annum.

Versarien has announced that it has entered into an agreement with MCK Tech to sell the Group's plant and equipment in South Korea for a total consideration of £604,000, together with an exclusive license agreement with MCK Tech for the use of five patents, owned by the Group, for additional fees.

The Company continues to pursue its stated turnaround strategy, an integral part of which is to dispose of non-core businesses and assets. The plant and equipment acquired from Hanwha Aerospace in South Korea in 2020 were identified as non-core and marketed for sale. The Group's mature businesses, AAC Cyroma Limited and Total Carbide Limited, continue to be marketed for sale and the Company is progressing discussions with a number of interested parties, though the timing of any further asset sales and the quantum of the funds that may be received remains uncertain.