Forest of Dean company Versarien has acquired the company producing the "super material" graphene in a £440,000 deal which will bring one of the world's most significant scientific advancements to Gloucestershire.
Versarien, which is based in Cinderford, has bought 85 per cent of 2-DTech, the University of Manchester company involved in the supply and development of graphene products. Versarien has also announced it has raised £5.5 million through the placing of 21,153,847 new ordinary shares.
Graphene has been described as the world's new wonder substance-it is said to be stronger than steel, harder than diamond and super thin with the ability to be formed into any shape with countless applications in industry from the aerospace sector to solar panels.
The directors of Versarien said today the 2-DTech technology would significantly enhance the company's product range of advanced materials. They include its innovative VersarienCu heat transfer material said to be up to ten times more effective than conventional heat removal systems.
It involves the use of porous materials structured similar to a sponge which can disperse potentially damaging heat much faster. And as heat is a major issue in the operation of most electronic components from computers to lighting the potential market is huge.
Last month Versarien signed its first commercial contract for VersarienCu product with a United States company for the development and pre-production for the heat spreading plates involved in the analysis of DNA.
Comment on today's announcement Neil Ricketts, chief executive of Versarien, said: "The acquisition of 2-DTech coupled with the planned collaboration agreements with the University of Manchester, the stablished home of graphene, marks a significant opportunity for Versarien to progress its product range with highly complementary technologies."
The Cinderford company floated on the AIM submarket of the London Stock Exchange in 2013 and has also acquired another company, Total Carbide which has been integrated into the firm. It employs around 20 people in Cinderford.