Applied Graphene Materials PLC (AIM:AGM, OTCQB:APGMF) said it made solid progress in its financial year to July just ended and is especially encouraged by the opportunities in green energy technology.
The graphene applications start-up added that customer engagements had risen to 200 from 117 a year ago and included 19 completed developments, up from 8, which added up to revenue potential of £3.7mln (2020: £3.6mln).
New developments included a range of eco-friendly graphene nanoplatelet dispersions for paints, coatings and composite materials.
Green energy applications are also a target with an initial focus on hydrogen/battery tech, said AGM.
Scale-up validation testing is also due to commence with the UK Environment Agency on structure applications for environmental exposure, with tests also set to start with French equivalent Institut de la Corrosion.
Adrian Potts, chief executive, said: “Technology development is now addressing potential in the green energy sector using our graphene dispersion know-how.
“We have been pleased to see repeat orders and additional graphene-enhanced products launched by existing customers, and we have announced several new customers, including eight in the fast-moving car care sector.
“We are working with regulators to remove barriers to large-scale supply of graphene in different jurisdictions.”
Revenues in the year to end July 2021 were £123,000 with losses of £3.57mln, reflecting the early stage in its development.
In February, AGM raised £5.52mln through a share issue.