Versarien PLC on Friday said it has signed a letter of intent with its textile collaboration partner to launch sportswear containing Versarien's graphene ink technology.
Versarien, an advanced materials engineering company, said the letter is non-binding, covering the intention of Versarien and the undisclosed Asia-headquartered company partner to "enter into a formal commercial relationship regarding an initial launch of high-performance sportswear".
The letter of intent also involves a commitment from both parties to future product development on different methods of graphene delivery and different textiles. Independent tests involving the use of graphene in textiles using Versarien's graphene ink technology has shown "a number of potential benefits to a user of garments made from them, including enhanced thermal and moisture properties".
Versarien Chief Executive Neill Ricketts said: "We are delighted that this collaboration has moved to the next stage with the signing of the [letter of intent]. This was the first major collaboration we entered into for our graphene ink technology."
"The independent testing that has been carried out has demonstrated a number of significant benefits that the addition of our graphene can bring and we are confident that the further wearer trials will validate this. We look forward to continuing to work with this partner with the goal of introducing graphene enhanced high performance sports wear to the market as soon as possible."
Shares in Versarien were up 1.9% at 130.00 pence on Friday afternoon.
Read the original article on Morningstar Financial Research.