£1.95 million Development Agreement

RNS Number : 2456G

Versarien PLC

24 November 2020

 

24 November 2020

Versarien plc

("Versarien" or the "Company")

£1.95 million Development Agreement

Versarien plc (AIM: VRS), the advanced materials engineering group, is pleased to announce that the Company has been awarded a product development agreement for £1.95 million (the "Agreement") by the Defence, Science and Technology Laboratory ("DSTL"), a part of the Ministry of Defence.  DSTL is responsible for ensuring that innovative science and technology contribute to the defence and security of the UK.

The Agreement is to develop graphene loaded polymer composites for certain defence related applications, the details of which remain confidential.  The Company has been awarded the Agreement due to its technical applications capability in conjunction with its accredited graphene quality.

The Agreement contains a number of work packages including literature review, development of graphene loaded polymer composites for three specific applications, demonstration of the applications and exploitation of the applications.  The work packages are due for completion by 31 March 2022.

Neill Ricketts, CEO of Versarien, commented :  "Versarien is delighted to have been awarded this Agreement by DSTL, which acknowledges the quality of our products and technical ability.  We look forward to completing the project on time and to supporting the Ministry of Defence in applying graphene to military applications."

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Enquiries:

Versarien Neill Ricketts, CEO Chris Leigh, CFO	[phone]
SP Angel Corporate Finance (Nominated Adviser and Joint Broker) Matthew Johnson, Adam Cowl	[phone]
Berenberg (Joint Broker) Mark Whitmore, Simon Cardron	[phone]
Yellow Jersey (Investor Relations)  Charles Goodwin Georgia Colkin Henry Wilkinson [e-mail]	[phone]

 

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