Haydale Graphene Inds PLC (LSE:HAYD, OTC:HDGHF) has signed an agreement with a Chinese tooling manufacturing company worth US$4.0 million over five years.
The deal is for Haydale's silicon carbide (SiC) whisker-reinforced cutting tool parts in Asia.
"We are excited to sign this agreement with our Chinese partner to help to bring our innovative silicon carbide cutting tool materials to China and the Asia area,” chief executive Keith Broadbent said in a statement.
“It represents a significant opportunity for us to expand our international footprint and to support the growth of our manufacturing operations in the United States.
“We look forward to a successful collaboration that will drive value for both companies and our customers.”
Broadbent added: "This new distribution agreement is part of Haydale's strategic plan to increase its presence in key global markets and to leverage new opportunities for growth and development."
In London, Haydale shares rose around 12% changing hands for 0.33p.