Haydale awarded £1.1m UK innovation loan

The company is expanding its capacity to manufacture nanomaterials including graphene to meet growing demand. It is investing in an HT1400 plasma reactor and other equipment to increase production by at least eight times.

The reactor will increase production at Haydale's Ammanford facility in Wales to an industrial level with capacity to functionalise over 30 tonnes a year of graphene and other nanomaterials.

The expansion is supported by Innovate UK, a subsidiary of UK Research and Innovation. Innovate UK will make the innovation continuity loan available in four quarterly chunks starting on 31 March and ending on 31 December.

Repayments will start 27 months after the final drawdown and be paid over two years. Interest on the loan is 7.4% but only on the amount drawn down with the rest of the interest deferred until repayment starts, Haydale said.

Keith Broadbent, the company's chief executive, said: "Haydale is delighted to have been awarded this loan by Innovate UK and is looking forward to significantly expanding our manufacturing output capacity to be ready to meet growing demand for our functionalised powders, inks, elastomers and composites."

Haydale shares rose 3.9% to 6.75p at 11:19 GMT.