("Versarien" or the "Company")
MOU with Tunghsu Optoelectronic Technology Ltd
Versarien plc (AIM: VRS), the advanced materials engineering group, is pleased to announce that it has signed a Memorandum of Understanding ("MOU") with Tunghsu Optoelectronic Technology Ltd. ("Tunghsu Optoelectronic"), covering cooperation between the parties, particularly focused on graphene industrialisation.
Tunghsu Optoelectronic is one of the world's leading suppliers of optoelectronic display materials. It is currently the largest LCD glass substrate manufacturer in China and the fourth largest LCD glass substrate manufacturer in the world. In addition, Tunghsu Optoelectronic is engaged in other areas, including the manufacturing of new energy vehicles, the industrialisation and applications of graphene, as well as high-end equipment manufacturing. It is listed on the Shenzhen Stock Exchange and is part of the wider Tunghsu Group, which has over 200 wholly-owned or controlled subsidiaries, including three listed companies; Tunghsu Optoelectronic, Tunghsu Sky and Tungshu Challenge.
The MOU with Tunghsu Optoelectronic covers the intended areas of cooperation between the parties, which include:
· Jointly developing graphene-related projects including their operation and execution, industrialisation and promotion, leading to sales in China and global markets and exploring more widely products utilising graphene;
· Together with governmental agencies, academic institutions, and other relevant organisations, to set up a "Graphene Industry Research Institute" in China, to fund, accelerate and invest in the productisation and commercialisation of graphene application projects;
· To jointly establish a "Graphene Industry Fund" to promote and support the operation and execution of graphene industrialisation projects;
· To discuss mutual strategic investments for graphene-based projects, the forms of which will be agreed in future discussions. It is envisaged that Tunghsu will provide financial support as well as strategic support and in return Versarien will provide the required intellectual property to enable the industrialisation of graphene-based projects; and
· Focus technical collaboration on projects closely related to both parties' current areas of activity, such as high quality graphene manufacturing, photoelectric display materials, new energy vehicles, energy storage technologies, LED lighting systems, graphene thermal management materials, and flexible batteries.
The MOU is not exclusive and will allow Versarien to enter into further agreements with parties in China.
Lipeng Wang, Chairman and CEO of Tunghsu Optoelectronic, commented: "Versarien is a leading company and operator in the graphene field in the UK. China has a huge market potential for graphene industrialisation and commercialisation. As the leading enterprise in the graphene field in China, we are very pleased to work with Versarien to promote valuable collaboration and innovation, and ultimately achieve mutual sucess."
Neill Ricketts, CEO of Versarien, commented: "We are delighted to have entered into a formal collaboration with Tunghsu Optoelectronic. As one of the pioneers of China's graphene industry, Tunghsu Optoelectronic has strong industrial influence and execution ability in China and in Asia more widely. We look forward to working with them to progress the commercialisation of our graphene products.
"The relationship with Tunghsu Optoelectronic is complimentary to the others we have already entered into in China and those that are under discussion. We look forward to providing updates as the relationship progresses and announcing further agreements with both industrial and governmental parties in China."
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Neill Ricketts, CEO
Chris Leigh, CFO
01242 269 122
Arden Partners (Nominated Adviser and Broker)
020 7614 5900
IFC Advisory (Financial PR and IR)
020 3934 6630
Versarien plc (AIM:VRS), is an advanced engineering materials group. Leveraging proprietary technology, the Group creates innovative engineering solutions for its clients in a diverse range of industries. Versarien has six subsidiaries operating under two divisions:
Graphene and Plastics
2-DTech Ltd, which specialises in the supply, characterisation and early stage development of graphene products. www.2-dtech.com
AAC Cyroma Limited, which specialises in the supply of vacuum-formed and injection-moulded products to the automotive, construction, utilities and retail industry sectors. Using Versarien's existing graphene manufacturing capabilities, AAC will have the ability to produce graphene-enhanced plastic products. www.aaccyroma.co.uk
Cambridge Graphene Limited, supplies novel inks based on graphene and related materials, using patented processes to develop graphene materials technology.
Gnanomat S.L. ("GNA"), based in the Parque Cientifico Madrid, Spain, is a company capable of utilising Versarien's 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 electronics products. www.gnanomat.com
Hard Wear and Metallic Products
Versarien Technologies Limited has developed an additive process for creating advanced micro-porous metals targeting the thermal management industry and supplies extruded aluminium. www.versarien-technologies.co.uk
Total Carbide Limited, a leading manufacturer in sintered tungsten carbide for applications in arduous environments such as the oil and gas industry. www.totalcarbide.com