LONDON (ShareCast) - (Sharecast News) - Materials engineering company Versarien announced on Tuesday that it has been awarded a product development agreement for £1.95m by the Defence, Science and Technology Laboratory (DSTL), a part of the Ministry of Defence.
The AIM-traded firm explained that DSTL is responsible for ensuring that innovative science and technology contributed to the defence and security of the UK.

It said the agreement was to develop graphene loaded polymer composites for certain defence-related applications, the details of which were confidential.

The company said it had been awarded the agreement due to its technical applications capability, in conjunction with its accredited graphene quality.

It said the agreement contained a number of work packages, including literature review, the development of graphene loaded polymer composites for three specific applications, demonstration of the applications, and the exploitation of the applications.

The work packages were due for completion by 31 March 2022.

"Versarien is delighted to have been awarded this Agreement by DSTL, which acknowledges the quality of our products and technical ability," said chief executive officer Neill Ricketts.

"We look forward to completing the project on time and to supporting the Ministry of Defence in applying graphene to military applications."

At 1224 GMT, shares in Versarien were up 12.68% at 40p.

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