A Gloucestershire-based advanced engineering materials firm has revealed its Spanish subsidiary has secured a €804,000 grant. AIM-list Versarien said the money would be used by Gnanomat to finance a two-year project relating to a high-tech energy storage devices.
The grant is expected to be received as one single payment before the end of 2024.
The grant covers 70% of Gnanomat’s anticipated costs, Versarien said, in relation to a project to elevate the technology readiness level of an eco-friendly energy storage device called GnanoCaps.
According to Versarien, the device combines the high power and rapid recharge capabilities of supercapacitors with the use of clean electrolytes, eliminating explosion risks associated with lithium-ion batteries.
Gnanomat’s proposal for GnanoCaps was awarded the Seal of Excellence under the European Innovation Council (EIC) Accelerator programme in October 2020. Gnanomat was unable to access the funding prior to Versarien’s conversion of its convertible loan in the business due to debt restriction rules.
Dr Stephen Hodge, Versarien chief executive, said: “I am delighted that Gnanomat has been awarded this substaintial grant to further develop their GnanoCaps technology. Grant income is key to derisking R&D and unlocking the potential in Versarien’s technologies.
“With GnanoCaps we have an energy storage technology that offers significant performance advantages over currently available solutions and has wide ranging applications.”
In June, Versarien said it was “optimistic” about the future after reporting a narrowing of losses. In a set of unaudited interim results, the listed firm reported pre-tax losses of £1.77m – down from £3.4m the year previously – for the six months ended March 31, 2024.
In October, the firm signed an agreement with infrastructure group Balfour Beatty to develop a range of low-carbon, graphene‐infused, 3D‐printable mortars for civil construction.
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