Versarien scores second Chinese aerospace agreement

Versarien on Thursday signed a Memorandum of Understanding with a second large state-owned Chinese aerospace company, following a similar agreement signed in December.

The advanced materials engineering group said the new memorandum outlines the companies' desire to collaborate and ultimately enter into a strategic cooperation covering research, development and manufacturing in order to accelerate the industrialisation and market for Versarien's graphene in the Chinese aerospace sector and other sectors utilising similar materials and technology.

This will include exploring the use of graphene within the areas of, amongst others, film materials and sensors.

Neill Ricketts, chief executive of Versarien, said: "We are very pleased to have entered into this agreement with another of the large Chinese aerospace companies. This partnership is complementary to the others we have entered into in the aerospace sector, both in China and elsewhere. It will be focussed on developing additional innovative products incorporating Versarien's graphene, leveraging the world class research and development capabilities of this partner."

The AIM traded company said its new partner is active in the research, design and manufacture of various materials and systems used in the aerospace sector.

"This agreement is further demonstration of the progress we are making in China and I look forward to providing further updates in due course on both our activities in China and our collaborations globally," said Ricketts.

Versarien's shares were down 3.41% at 99.00p at 1312 GMT.