Applied Graphene soars on 'fivefold' technology improvement

Applied Graphene Materials' (AGM) shares shot up on Thursday after the business announced that its breakthrough graphene technology has delivered "outstanding" anti-corrosion performance enhancement results that has led the business to be nominated for a key industry award.

The Genable 3000 technology delivered a more than five-fold improvement in rust protection after 3,000-hour trials according to AGM, enabling significant opportunities in its industrial coatings target market and leading to the company being nominated as a finalist for the 2019 Corrosion Industry Innovation Award.

Adrian Potts, chief executive of of AGM, said: "AGM's technology is an exciting and first of its kind development for the global coatings industry. It will significantly increase the lifespan of metals in harsh environments, ensuring very attractive cost advantages for customers. As we create new standards across the market, we are delighted to have been nominated as a Finalist for the 2019 Corrosion Industry Innovation Award, recognising our ground-breaking Genable 3000 technology."

The news follows the AIM traded company's recent announcement that James Briggs Limited, Europe's largest consumer chemicals businesses, is planning to bring new range of aerosol automotive paint primers containing AGM graphene to market.

"Our recent success with UK paint producer James Briggs and 3,000-hour trials are hugely positive and highlight our potential to bring innovation to many different industries and markets," said Potts.

The award's winners will be announced at the CORROSION conference 2019, starting 24 March in Nashville, Tennessee, USA.

Applied Graphene Materials' shares were up 16.67% at 28.00p at 1322 GMT.