Universal Matter acquires AGM's assets for $1.3 million

In November 2022, Applied Graphene Materials (AGM) announced that it aimed to raise money to fund its operations, but was unable to do so. AGM Later said it received non-binding indicative proposals for its sale, and now the company has announced that Universal Matter has agreed to acquire the company's assets for $1.3 million.

AGM says that that the funds from the disposal of its business and main operating subsidiary will be mostly used to repay creditors, the company's staff and operating costs until the company can be wound down.

Universal Matter has developed a graphene production technology based on the Rice University's proprietary Flash Joule Heating process that can convert inexpensive carbon sources into graphene layers.

Applied Graphene Materials, one of the industry pioneers, started its way in 2010 as a spin-off from Durham University, under the name Durham Graphene Science. The company commercialized  a unique graphene synthesis method and produced graphene materials. AGM was a public company that listed in the UK's AIM stock exchange (AIM:AGM). This is a sad ending, it seems, to a graphene pioneer with over 12 years of history.

Posted: Feb 23,2023 by Ron Mertens