Applied Graphene Materials has revealed plans for an initial public offering (IPO) to be held on the AIM in November.
The company, spun-out from Durham University in 2010, plans to use the funds to support the development of its process for the manufacture of high purity graphene. Applied has just completed the commissioning of its first commercial scale facility, and will use the financing to expand the plant’s capacity from one tonne of graphene to eight tonnes within 18 months.
Commercialisation firm the IP Group holds a 22.1% stake in the company, while the Finance for Business North East Technology Fund, managed by the IP Group, holds a further 21.7%.
The graphene market has expanded rapidly since the material was first isolated at Manchester University in 2004 owing to the vast number of potential applications. Total demand for graphene is expected to raise from 40 tonnes currently to 400 tonnes by 2017. In 2018, the market is forecast to be worth $195m, rising up to $1.3bn in 2023.
Jon Mabbitt, chief executive of Applied Graphene Materials, said: “Applied Graphene Materials’ planned admission to AIM marks a significant step forward in the Company’s development. The global appetite for, and interest in, graphene is growing at a rapid pace. Many industries have recognised the significant qualities it 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. Admission to AIM will provide the Company with the funding for its next phase of development and build our position as a global graphene manufacturer.”
