Innovate UK has been running an extended pilot innovation loans programme over the past three years with £75 million committed to the scheme with normal loan amounts of up to £1million.
The innovation loans are targeted at UK small or medium-sized enterprises (SME) that want to scale up and grow by developing new or improved products, processes or services , as well as late-stage research and development projects that have not yet reached the point of commercialisation.
The UK Government, via Innovate UK, has agreed to the provision of the £5 million Loan to Versarien, the first of such magnitude by Innovate UK specifically for a project named G SCALE, (an acronym for Graphene-Seat, Concrete, Arch, Leisure, Elastomer) which is designed to enable Versarien to significantly increase its manufacture of quality assured graphene.
The award of the loan , which occurred on 1 July 2020, is intended to facilitate the production of sufficient quantities of graphene by Versarien to enable market supply of commercial quantities of graphene-enhanced materials.
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