Versarien earn £5m funding for innovation
By Rob Freeman | 1st July 2020
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.
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