Versarien has agreed deals with a South Korean company which includes a strategic investment of £1.93million.

The move strengthens the Staverton-based advanced materials engineering group's position in South Korea after acquiring graphene production assets and intellectual property from Hanwha Aerospace in December.

Graphene Lab, which specialises in chemical vapour deposition graphene including sensors and flexible transparent touch panels, has entered into the agreement with Versarien Korean.

Versarien chief executive Neill Ricketts said: "We are delighted to have secured this agreement with Graphene Lab, which will enable us to advance our plans in South Korea, following the acquisition in December.

"I am also pleased that our partnership with Graphene Lab has been further reinforced by the stake they have taken in Versarien.

"We are excited by the opportunities for Versarien in South Korea, including for new product developments, and we look forward to providing updates in due course."

The agreement, which sees Graphene Lab acquire 15 per cent of the shares in Versarien Korea, provides a licence to utilise 14 patents exclusively in South Korea as well as providing operator and maintenance support in the country.