Versarien PLC said its Spanish subsidiary, Gnanomat, has been awarded a €415,000 government grant to design a new line of ecofriendly conductive inks based on nanomaterials for flexible and printed electronics.
The grant is expected to be received from the Spanish government’s ICEX Trade and Investment arm in the first half of 2024, once project costs have been validated.
Gnanomat, which Versarien acquired in 2018, will carry out design, optimisation and validation of the conductive inks, which are based on Versarien's nanomaterials and are complementary to the group’s other products, with the expectation that they can be commercialised and launched in 2024.
The Spanish business has been focused on applying for European and national grants and development contracts so it can become self-sustaining. Versarien said the ICEX funding will cover 70% of eligible costs and materially reduce Gnanomat's reliance on group funding, covering some overheads that otherwise would have been cut, as well as expanding the group's Graphinks product offering.
Gnanomat chief executive Roberto Clemente said the new product range will “integrate hybrid advanced nanomaterials from Gnanomat for applications such as electromagnetic interference shielding, data coding and security, among others”.
He said the new formulations are primarily intended for use in the aerospace and defence sectors, where the company has ongoing collaborations and projects.
Versarien CEO Stephen Hodge added: “Gnanomat will continue to seek funding via grants and development contracts in line with the turnaround strategy and we look forward to providing further updates in due course.”