A high-profile Gloucestershire engineering firm has put its energy into a £2.6million deal to buy a majority stake in a Spanish firm charged for major growth.

After writing about Versarien almost to the point we feared we would be accused of blatant favouritism, we broke the habit when the firm when relatively quiet of late.

Until Friday that is, when the Cheltenham business revealed it was undertaking a fundraising bid - which yesterday (September 24) we let you know had raised some £5million-plus.

We can also tell you the graphene specialist now owns a 62 per cent stake in Gnanomat S.L. (GNA), which makes energy storage devices.

The devices "offer high power density, capable of almost instant recharging and very long lifetimes for use in electrical vehicles and portable electronics products".

Neill Ricketts, chief executive officer of Versarien, said: "We are delighted with the acquisition of GNA and the opportunities it will brings 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. GNA are at the forefront of developing this technology.

"In addition, the acquisition will provide Versarien with a European centre 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 commercialisation of graphene."

GNA, based in the Parque Cientifico Madrid, Spain, is capable of using Versarien's graphene products "in an environmentally friendly, scalable production process for its energy storage devices".

The partnership will provide Versarien with a centre of excellence for graphene enhanced energy storage devices in Europe, giving access to a proportion of the c.€1bn of research funding available in the EU post Brexit, and access to Spanish graphene research institutions.

The deal - valued at £2,647,000 - was settled by £673,000 in cash, from Versarien's existing resources, by way of GNA issuing new shares in GNA to Versarien, and the issue of 1,316,278 new ordinary shares of 1 pence each in the Company to existing GNA shareholders at an agreed price of 150p per New Ordinary Share.

Versarien plc is an advanced engineering materials group specialising in Graphene and plastics and hardwear and metallic products.