The deal sees Versarien supply its Graphene ink to an Asian textiles manufacturer to help create "smart" sportswear.
Companies: Versarien Plc
Versarien (LON: VRS) has announced today that its subsidiary, Cambridge Graphene, has entered into an agreement with an unnamed Asian textiles manufacturer to supply its graphene ink for the creation of "smart" apparel.
Versarian has pioneered the development of Graphene, a highly flexible, ultra-light material that is "200x times stronger than steel". It is also the thinnest material possible as well as being transparent. It has a huge array of potential applications across a wide range of industries and sectors.
The deal will see the Group's graphene ink technology help create high performance "smart" sportswear for some of the "world's leading apparel brands". Whilst it is unclear yet exactly how the Group's tech will feature, an example of smart kit are these smart shorts from Myontec
Neill Ricketts, CEO of Versarien, commented:
"This agreement is the first major collaboration we have entered into for our graphene ink technology. Graphene has enormous potential to enhance the properties of fabrics and can also be incorporated within them to enable 'smart clothing' to be developed. We are delighted to be working with this Partner who counts some of the world's leading apparel brands amongst their customers."
Shares in VRS jumped 10% to 70p after the announcement this morning to trade close to its all-time high of 75p.
The stock rallied hard in Q4 17, rising a massive 360% and was a top performer in the 2017 Stock Pick League.
Currently, VRS trades on an incredible 12-month forecast PE ratio of 160x. In FY17 the Group reported a Net Loss of £2.1m from Revenues of £5.9m.
