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(Sharecast News) - Advanced engineering materials group Versarien announced that its 90%-owned subsidiary Gnanomat has been awarded a ¬0.8m grant to support a two-year project focused on next-generation energy storage devices.
The AIM-traded firm said the grant, equivalent to about £0.66m, was expected to be received in a single payment before the end of 2024.
It said the funding would cover 70% of Gnanomat's anticipated costs for the development of GnanoCaps, an energy storage device leveraging the company's proprietary hybrid nanomaterials platform.
GnanoCaps was designed to combine the high power and rapid recharge capabilities of supercapacitors with improved energy delivery, enhanced safety, and the use of clean electrolytes, eliminating explosion risks associated with lithium-ion batteries.
The project would elevate the technology readiness level (TRL) of GnanoCaps, after Gnanomat's proposal for GnanoCaps previously received the 'Seal of Excellence' under the European Innovation Council (EIC) Accelerator programme in October 2020.
Versarien noted that Gnanomat was unable to access the grant earlier due to debt restriction rules, which were resolved following Versarien's conversion of its convertible loan in July.
"I am delighted that Gnanomat has been awarded this substantial grant to further develop their GnanoCaps technology," said chief executive officer Dr Stephen Hodge.
"Grant income is key to derisking research and development and unlocking the potential in Versarien's technologies.
"With GnanoCaps we have an energy storage technology that offers significant performance advantages over currently available solutions and has wide ranging applications."
Dr Hodge said he believed there was "significant potential" for GnanoCaps to play a role in a variety of energy storage applications from next-generation electric vehicles to those in industrial and infrastructure areas, particularly those in explosive environments.
"Gnanomat, together with the wider Versarien team, is eager to commence this project, building on the extensive groundwork already accomplished by the group in this area."
At 1434 GMT, shares in Versarien were up 5.9% at 0.03p.
Reporting by Josh White for Sharecast.com.
