Versarien, an advanced-materials group based in the UK, announced that its partially owned Spanish subsidiary, Gnanomat, has been awarded a grant of approximately 415,000 euros ($446,353.25) from the Spanish government body ICEX Trade and Investment. The grant aims to support the development of new conductive inks for electronics.
Gnanomat, in which Versarien has a 62% stake, will utilize the funds for a project focused on the design, optimization, and validation of an innovative lineup of eco-friendly conductive inks. These inks will be based on nanomaterials and primarily intended for flexible and printed electronics.
The company expects to receive the funding in the first half of 2024. Successful completion of the project will allow Gnanomat to introduce and market the new line of conductive inks, leveraging Versarien’s nanomaterials.
In addition to covering specific operating costs that would have otherwise been reduced, this funding will expand Gnanomat’s product portfolio and significantly decrease its dependency on group funding.
Shares of Versarien showed a positive response to this development, with a 5.6% increase at 1.4 pence as of 0735 GMT.