Applied Graphene Materials is expanding after raising £11m on stock exchange
Jon Mabbitt, CEO of Applied Graphene Materials
A Teesside company that processes "wonder material" graphene is more than doubling its workforce - after raising £11m on the stock market.
Shares for Wilton Centre-based Applied Graphene Materials (AGM) tripled within days of the company making its debut on AIM (Alternative Investment Market) in November, leaping from 155p to a high of 471p.
Graphene is expected to revolutionise the fields of manufacturing and electronics. Microscopic amounts of graphene are needed, and AGM owns the intellectual property on technology that can make a tonne a year from scratch.
Now the company will use that injection of finance to grow its lab and office space - and increase its staff from 10 to 25 with high-spec roles for scientists, engineers, business developers and production operatives.
Graphene, a one-molecule-thick layer of graphite, is 100 times stronger than steel yet six times lighter, and conducts electricity 20 times better than copper.
It’s extremely thin and lightweight but also strong and transparent, and is already being developed for use in a variety of ways from electronics and new types of solar panels to body armour, non-stick pan coatings and flexible touchscreen displays for mobile devices.
AGM’s process is “proprietary, scalable and cost-efficient” bosses say - and it’s already working with the likes of Dyson and Proctor & Gamble on commercial uses for the material.
Jon Mabbitt, chief executive officer of AGM, said: “Many industries have recognised the significant qualities graphene possesses. We have seen considerable interest from blue-chip businesses which have recognised the advantages of our production process, enabling us to continuously produce graphene cost efficiently on a commercial scale.
“Applied Graphene Materials is now well positioned to meet the growing global appetite for graphene as a wonder material of the 21st century.”
Wilton Centre site director Steve Duffield said AGM’s successful commercialisation of a concept, that may revolutionise the way many products are made in the future, was a “very impressive example of innovation to emerge from the Wilton Centre”.
“We are very proud to have been able to support the group as it has expanded from its beginnings with a few employees, to becoming a business that requires multiple laboratories and office space.”
AGM has been based at Wilton for two years and wants to capitalise on forecasts for demand for graphene to increase tenfold from 40 tonnes to 400 tonnes, with market growth for graphene products due to hit $195m by 2018.
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