£1.1 million Innovate UK Loan Agreement
26 March 2021
Haydale (AIM: HAYD), the global advanced materials group, is pleased to announce that the Company has been awarded a £1.1 million loan facility (the "Loan") by Innovate UK Loans Limited ("Innovate UK"), a wholly owned subsidiary of UK Research and Innovation.
Haydale, with the support of Innovate UK, is implementing its plan to expand its capacity to manufacture functionalised nanomaterials including Graphene to meet growing demand. Haydale will be investing 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. The reactor will increase production at the Ammanford facility to an industrial level with capacity to functionalise over 30 tonnes per annum of graphene and other nanomaterials on a single shift pattern.
The Innovation Continuity Loan will be available for the Company to drawdown in four quarterly tranches, commencing on the 31 March 2021 and 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. The Innovation Continuity Loan attracts at an interest rate of 7.4% per annum though only paid at 3.7% on the amount drawn down with the rest of the interest deferred until the repayment period commences. The Company has signed the standard Innovate UK Loan agreement.
Commenting on the announcement, Keith Broadbent, Chief Executive Officer of Haydale, 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".
For further information:
Haydale Graphene Industries plc
Keith Broadbent, CEO
Tel: +44 (0) 1269 842 946
Gemma Smith, Head of Marketing
Arden Partners plc (Nominated Adviser & Broker)
|Ruari McGirr / Paul Shackleton / Ben Cryer||Tel: +44 (0) 20 7614 5900|
Notes to Editors
Haydale is a global technologies group and service provider that facilitates the integration of graphene and other nanomaterials into the next generation of industrial materials and commercial technologies. With expertise in graphene, other nanomaterials and Silicon Carbide, Haydale is able to deliver improvements in electrical, thermal and mechanical properties,. Haydale has been granted patents for its technologies in Europe, USA, Australia, Japan and China and operates from five sites in the UK, USA and the Far East. For more information please visit: www.haydale.com or Twitter: @haydalegraphene