More graphene-enhanced footwear is to be developed by English firm Versarien. Versarien is being a fast follower of INOV-8 who have launched their graphene enhanced hiking shoes some time back.
In the context of overall Versarien company news, this project is one of more than a dozen new graphene application projects. In marketing terms we are still crossing the chasm as consumers wait for more mainstream products.
Advanced materials supplier Versarien says it has signed a Letter of Intent (LOI) with an Asian apparel manufacturer as the pair look to develop and commercialise graphene-enhanced footwear.
English firm Versarien has a proprietary graphene ink technology, developed by its subsidiary Cambridge graphene Ltd., which can be applied to textile substrates as a finish; this is said to impart properties including enhanced thermal and moisture management properties which could prove beneficial in high performance products.
Read more Pair innovate footwear with graphene Source: Tevo News by Chris Remington.
“Advanced materials group Versarien PLC (LON: VRS) followed up its graphene order update at the end of June with exciting operational developments and mixed financial results for the year ended 31 March 2019.
In its operational update, the Company acquired energy storage tech company Gnanomat S.L. and commenced thirteen new graphene application collaborations and MOU agreements in the UK and overseas.
The Group also announced that the UK government continued to support the Company’s international expansion plans, including the recent establishment of its US subsidiary, Versarien Graphene Inc.
Versarien continued by noting that it had joined the Graphene Engineering Innovation Centre as a tier one member, giving it access to development and scale-up facilities worth c.£60 million.
Regarding financials, the Group’s revenues rose modestly during the full year, up to £9.14 million from £9.02 million for the FY18. Adjusted LBITDA was also up from £0.8 million to £1.1 million, net assets jumped 66% from £8.0 million to £13.3 million and the Company collected £5.2 million during its fundraising in September 2018.
Despite some positive results, the Group noted that loss before tax widened from £1.6 million to £2.8 million on-year, and share based payments charges grew from £0.1 million to £0.7 million”.
Read full story Versarien reveals operational update amid widening losses
Source: UK Investor Magazine