Versarien acquires 62% of Gnanomat11 October 2018
It will pay nearly €3 million to ensure it has a center of excellence for graphene in the EU following Brexit
The advanced materials company Versarien has announced the acquisition of 62% of the share capital of the Spanish company Gnanomat. Gnanomat, which has its head office in Parque Científico de Madrid, will utilize the Versarien graphene products in an environmentally friendly, scalable production process for energy storage devices that offer high power density, almost instant recharging and very long lifetimes for use in electrical vehicles and portable electronic products.
At the close of 2017 Gnanomat had net assets of €325,000 and a loss before tax of €26,000. The purchase was closed for £2,647,000 (around €3 million), to be settled in cash (£673,000) and by the issue of new shares. Gnanomat will use the cash to scale up its pilot plant.
The agreement also includes a loan of €1,250,000 from Versarien to Gnanomat. The first €750,000 will be provided 12 months from completion of the purchase, and the rest at 18 months. The loan will be repaid in quarterly installments over three years, with an interest rate of 6%.
Access to EU research funds
Thanks to this purchase, Versarien will also have a center of excellence for graphene enhanced energy storage devices in Europe. This will give access to a proportion of the €1 billion in research funding available in the EU after Brexit, as well as access to Spanish graphene research institutions. Roberto Clemente, Chief Executive Officer of Gnanomat, will continue to run the business.
The CEO of Versarien, Neill Ricketts, explains: "We are delighted with the acquisition of Gnanomat and the opportunities it will bring us. The incorporation of graphene into energy storage devices has the possibility to radically enhance their capabilities, meeting the demands to increase power density and reduce charging times for everything from hand held devices to electric cars. Gnanomat is at the forefront of developing this technology."
"In addition," he added, "the acquisition will provide Versarien with a European center of excellence in addition to our existing graphene operations in Manchester and Cambridge, further enhancing our capabilities and access to research facilities and funding as we strive to be at the very leading edge of the commercialization of graphene."