First Graphene Ltd (ASX:FGR) has raised $3.4 million in a placement which was strongly supported by European-based and institutional investors.
The funds will help expand the company’s high-quality graphene products, which it produces from Sri Lankan vein graphite, into European industrial markets.
Placement at 18 cents per share
Firm commitments were received for the placement of 18.9 million shares at 18 cents per share.
Each share issued also has an attached option on a 1:2 ratio.
The placement was undertaken after First Graphene was approached by a European-based industrialist wanting to introduce graphene to his industrial product range.
He identified the company after completing a detailed study of the graphene sector and companies with graphene credentials.
Increasing international awareness
This comes as First Graphene increases international awareness of its position in the graphene sector, as a supplier of high-quality bulk volume graphene and a developer of valuable IP.
Graphene’s properties as a light and strong material, as well as its ability to conduct heat and electricity better than anything else, means it can be integrated into many applications.
One area of research is energy storage and scientists are working on enhancing the capabilities of lithium-ion batteries by incorporating graphene as an anode.
This would offer higher storage capacities with much better longevity and charge rate.