Skip navigation

Gloucestershire Business News

Versarien earn £5m funding for innovation

Versarien has been awarded a £5million loan facility by Innovate UK.

The Cheltenham engineering and advanced materials company says the loan is intended for the production of sufficient quantities of graphene to meet market supply.

Chief executive Neill Ricketts said: "Versarien is delighted to have been awarded this loan by Innovate UK, which acknowledges the work we are undertaking and advancements made.

"Our vision for the business also sits within the context of the UK government's industrial strategy Grand Challenges, which is focused on clean growth, the ageing society, AI and the data economy and the future of mobility.

"The loan will help Versarien step up its graphene production capacity so that we can expedite the commercial adoption of graphene enhanced materials"

Innovate UK, a wholly-owned subsidiary of UK Research and Innovation, has committed £75million to a pilot loans programme of the past three years.

Loans, normally up to £1million, are targeted at small or medium-sized businesses to develop or improve products, processes or services plus late-stage research and development.

The £5million loan to Versarien is the first of its size and follows a rigorous process of assessment.

Loan repayments start 45 months after drawdown and will be paid over 36 months.

Related Articles

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Monday, August 10 Image

Coronavirus LIVE Updates: The latest news from across Gloucestershire on Monday, August 10

The latest important news and updates from across Gloucestershire as the coronavirus crisis continues.

One third expecting to make redundancies in coming months Image

One third expecting to make redundancies in coming months

One in three employers across the UK expect to make job cuts before the end of September according to new research.

Award-winning baker to join Stroud's new Five Valleys Market Image

Award-winning baker to join Stroud's new Five Valleys Market

Stroud's award-winning The Artisan Baker has been announced as the latest trader joining the growing list of local food producers at the Five Valleys indoor market later in the year.

Superdry fashions stronger position with financing deal Image

Superdry fashions stronger position with financing deal

Superdry has strengthened its financial standing by securing a £70million financing deal after reporting sales above expectations.

Copyright 2020 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.