October 2013
Portfolio company Applied Graphene Materials (AGM), a spin-out from Durham University formerly called Durham Graphene Science, has developed a proprietary process for the manufacture of high specification graphene, and is set to float on AIM as it looks to raise up to £10m. The Proof of Concept Fund first invested in the company in September 2010, two months after it was created by academic founder Prof. Karl Coleman. The Fund has continued to invest further to support its early stage development alongside funds managed by IP Group.
The AIM flotation will provide AGM with the funding for its next phase of development and build its position as a global graphene manufacturer and provider of advanced graphene applications expertise. It is planning to increase the capacity of its existing plant to 8 tonnes per year over the next 18 months and to continue to accelerate its development partnerships with a wide variety of customers.
Graphene, which is comprised of a single layer of carbon atoms, has extraordinary mechanical, electrical and thermal properties making it an attractive material for many diverse applications. Jon Mabbitt, chief executive of AGM, said: “The global appetite for, and interest in, graphene is growing at a rapid pace. Many industries have recognised the significant qualities it possesses. We have seen considerable interest from blue-chip businesses which have recognised the advantages of our production process, enabling us to continuously produce graphene cost efficiently on a commercial scale. We are extremely grateful to Northstar Ventures for enabling us to get to this position. The faith they placed in the company and sharing in its vision has been the cornerstone in our growth”.
Stephen Price, Investment Manager at Northstar Ventures, said: “AGM is a great example of how the Proof of Concept Fund can support an early stage technology business helping it achieve important milestones, build a strong management team and attract further, substantial investment. It is a pleasure to work with such an ambitious company which is right at the forefront of technology.”