Adisyn Ltd (ASX: AI1) has confirmed the successful completion of Milestone 1 under the Share Sale and Purchase Agreement (SPA) for its acquisition of 2D Generation Ltd (2DG), following independent technical verification.
The milestone relates to the demonstration of low-temperature deposition of an sp²-based carbon layer onto a metallic substrate using an Atomic Layer Deposition (ALD) system.
The demonstration met all technical criteria set out under the SPA, including deposition of an sp²-based carbon layer on copper substrates at temperatures below 300 °C. Material structure was confirmed through Raman spectroscopy, with identification of characteristic G and D bands consistent with sp² carbon bonding.
While the milestone required deposition below 300 °C, Adisyn noted that the broader technical objective remains the development of a process compatible with semiconductor industry thermal limits of up to 450 °C. The Board considers temperature compatibility a key constraint for potential integration of graphene and related materials into established semiconductor manufacturing processes.
Independent technical verification
Independent technical verification was completed by Professor Yoram Selzer from the Faculty of Exact Sciences at Tel Aviv University, in accordance with the SPA. Professor Selzer conducted an independent review of the experimental data and formally confirmed in writing that Milestone 1 had been achieved.
Professor Selzer is a chemist and materials scientist with expertise in surface science, nanoscale materials, thin-film characterisation and advanced spectroscopic techniques, including Raman-based analysis relevant to graphene and related materials.
Following receipt of the independent assessment, the Adisyn Board reviewed the findings and approved the achievement of Milestone 1 under the terms of the SPA.
Non-executive chairman Kevin Crofton said the milestone represented an important technical validation step for the 2DG technology.
“Low-temperature deposition is a critical requirement for semiconductor applications, and this outcome has been independently verified by a suitably qualified academic,” Crofton said.
Next steps
Under the SPA, achievement of Milestone 1 results in the issue of 100 million fully paid ordinary shares to the original shareholders of 2D Generation. Additional shares will also be issued to eligible employees under agreed incentive arrangements, reflecting their contribution to delivery of the milestone.
The share issuances are structured to align the interests of the company, the 2DG founders and key technical personnel, and confirmed timing will be advised once administrative and regulatory requirements are completed.
With the milestone completed, Adisyn will now progress to the next phase of its graphene deposition development program. Planned work includes expanding deposition trials using multiple carbon-ring-based precursor compounds, refining pre-clean sub-processes, optimising deposition parameters such as plasma power, gas flow rates, pressure and temperature, and further characterisation of deposited films to assess structure, crystalline quality and electrical properties.
The company will also continue collaboration with Tel Aviv University and other semiconductor research partners as it advances toward coupon-level testing and, subject to results, wafer-level evaluation.