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.
Versarien has been looking to preserve intellectual property within the group whilst reducing operating costs. The firm posted a widened £3.4m pre-tax loss in its half-year results, following a marginally widened loss of £8.4m for the 18 months to the end of September 2022, with representatives saying the tough economic conditions had delayed the commercialization of its products.
Versarien said the funding would cover certain operating overheads which otherwise would have been cut, and help to expand the group's product offering while reducing Gnanomat's reliance on wider group funding.
Stephen Hodge, who was appointed to lead Versarien’s recovery efforts as chief executive in July, said: "We are very pleased that Gnanomat has been awarded this grant which will enable it to quickly expand its ink-based product offerings in the electronics sector, a sector in which it already has a number of potential commercial opportunities.
“Gnanomat will continue to seek funding via grants and development contracts in line with the turnaround strategy and we look forward to providing further updates in due course."
Roberto Clemente, chief executive of Gnanomat, added: "This project will extend Versarien's Graphinks portfolio by providing novel and complementary products. The new product range will integrate hybrid advanced nanomaterials from Gnanomat for applications such as electromagnetic interference shielding, data coding and security, among others.
“These new formulations are primarily intended for use in the aerospace and defense sectors, where the company has ongoing collaborations and projects."