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Gloucestershire Business News

Deal with one of world’s biggest phone screen makers revealed

An engineering firm from Gloucestershire has moved a step closer to doing business with one of the world's biggest mobile phone and computer screen manufacturers.

Rarely a month goes by when the Cheltenham-based business does not report on the continued growth of its list of partnerships, relationships and connections to some of the world's biggest potential markets.

In a statement to the City of London Graphene specialist Versarien plc has now revealed it has signed a Letter of Intent (LOI) with Tunghsu Optoelectronic Technology Ltd, the fourth largest LCD glass substrate manufacturer in the world.

The Chinese business employs an estimated 7,900 staff and is listed on the Shenzhen Stock Exchange. It is part of the wider Tunghsu Group, which has more than 200 wholly-owned or controlled subsidiaries, including three listed companies; Tunghsu Optoelectronic, Tunghsu Sky and Tungshu Challenge.

Neill Ricketts, chief executive officer of Versarien, said: "We are very pleased that our relationship with Tunghsu Optoelectronic has moved to the next stage with the signing of this LOI.

"We have been working closely with Tunghsu Optoelectronic since November last year and we look forward to progressing our research and development activities with them with a view to ultimately establishing a joint manufacturing capability in China.

"Tunghsu Optoelectronic is a leading global enterprise and we are delighted that they have recognised the quality of our graphene and wish to deepen their relationship with Versarien.

"We are also making good progress with our other collaborations in China and elsewhere. I look forward to providing further updates in due course."

The LOI follows the Memorandum of Understanding Versarien entered into with Tunghsu Optoelectronic as announced on November 7, 2018.

Versarien and Tunghsu Optoelectronic will establish a joint implementation committee, composed of three members from each party, to progress the plans envisaged by the LOI, with a view to ultimately entering into manufacturing joint venture, although there can be no guarantee that this outcome will ultimately be achieved.

The LOI details the parties desire to work together to develop and manufacture in China new generation graphene heaters based on the micro-flow graphene ink technology from Versarien's subsidiary Cambridge Graphene Limited.

The LOI additionally details the party's intention to jointly develop other products utilising a variety of Versarien's 2d materials, including graphene-enhanced sports equipment and smart wearable devices.

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