Versarien plc (LON: VRS), the advanced materials engineering group, has today announced that it has signed a Letter of Intent with Tunghsu Optoelectronic Technology Ltd. to further progress the relationship between the parties. This LOI follows the Memorandum of Understanding Versarien entered into with Tunghsu Optoelectronic as announced on 7 November 2018.
Versarien and Tunghsu Optoelectronic will establish a joint implementation committee, composed of three members from each party, to progress the plans envisaged by the LOI, with a view to ultimately entering into manufacturing joint venture, although there can be no guarantee that this outcome will ultimately be achieved.
The LOI details the parties desire to work together to develop and manufacture in China new generation graphene heaters based on the micro-flow graphene ink technology from Versarien’s subsidiary Cambridge Graphene Limited. The LOI additionally details the party’s intention to jointly develop other products utilising a variety of Versarien’s 2d materials, including graphene-enhanced sports equipment and smart wearable devices.
Neill Ricketts, CEO of Versarien plc, commented:
“We are very pleased that our relationship with Tunghsu Optoelectronic has moved to the next stage with the signing of this LOI.
“We have been working closely with Tunghsu Optoelectronic since November last year and we look forward to progressing our research and development activities with them with a view to ultimately establishing a joint manufacturing capability in China.
“Tunghsu Optoelectronic is a leading global enterprise and we are delighted that they have recognised the quality of our graphene and wish to deepen their relationship with Versarien.
“We are also making good progress with our other collaborations in China and elsewhere. I look forward to providing further updates in due course.”