Versarien

Versarien has stated that it is in financial talks to avoid a financial crisis, and unless further external financing is received it would “cease to be able to pay its liabilities as they fall due by mid-May 2025”.

In comments accompanying its annual results, Versarien said: “As at 25 March 2025 the group has a current bank balance of £0.90m and headroom on its invoice discounting facilities of £0.05m totaling £0.95m, which includes £0.6m relating to specific grant funding to be used over the next two years". “The board is currently in advanced discussions with a third party with a view to raising equity funding of £0.5m before mid-May 2025 at a premium to the current share price, which if completed, will equate to approximately 15% of the company’s enlarged share capital".

Versarien has announced, further to the previously announced manufacturing license agreement, know-how license and technical assistance agreement entered into with Montana Química, that it has now signed a two-year supply agreement to provide some of the Company's proprietary graphene and related material dispersions and formulations (Graphinks™) to Montana (the "Supply Agreement").

Montana is a Brazilian headquartered multinational business focused on the production and sale of paints, wood preservatives and other wood finishing products including paints, stains and varnishes.  Versarien understands it is Montana's intention to utilize the Company's Graphinks™ in application areas such as construction, composites, coatings and lubricants.

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 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.