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Haydale Graphene secures £1.1m innovation loan
StockMarketWire.com
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Advanced materials group Haydale Graphene has been awarded a £1.1 million loan facility by Innovate UK Loans, a subsidiary of UK Research and Innovation, to expand its manufacturing capacity.
Haydale said that with the support from Innovate UK it will be implementing its plan to expand its capacity to manufacture functionalised nanomaterials, including graphene, to meet growing demand.
The company will invest in a HT1400 plasma reactor and ancillary equipment to provide a facility to be able to increase production volume by at least eight-fold once fully optimised.
Chief executive Keith Broadbent said: 'Haydale is delighted to have been awarded this loan by Innovate UK and is looking forward to significantly expanding our manufacturing output capacity to be ready to meet growing demand for our functionalised powders, inks, elastomers and composites.
'We are grateful to Innovate UK for their support of our strategy which will allow Haydale to deepen its roots in the UK industrial landscape, whilst supporting the UK's high tech and advanced materials supply chain strategy.'
The Innovation Continuity Loan will be available for the company to draw down in four quarterly tranches from 31 March 2021, with the final tranche drawn by 31 December 2021.
Loan repayments will commence 27 months after the final drawdown and be paid over a subsequent period of 24 months.
At 1:57pm: (LON:HAYD) Haydale Graphene Industries Plc share price was 0p at 3.2p
Story provided by StockMarketWire.com
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