Initially, the Agreement encompasses the development of multi-phased deliverables over the course of the next 12 months. For competitive reasons and pursuant to confidentially clauses contained with the Agreement, neither specific research objectives nor the identity of the Agreement partner can be publically disclosed. Upon successful completion of the research phase, and subject to approval by the U.S. Food & Drug Administration, the developed materials will become a part of a consumer retail product.
The Agreement calls for all research and development costs and royalty obligations to be paid by the partner, as well as a first-right-of-refusal for supply of any graphene related materials in future manufacturing pertaining to Intellectual Property (IP) developed under the agreement. All IP developed under the scope of the Agreement will be jointly held by both parties. The partner has consecutively been included in the Fortune 500 list for over 15 years.
Graphene 3D Lab Co-CEO, Elena Polyakova, stated:
Graphene is a complex and amazingly functional material with properties that provide unique advantages in a wide variety of manufacturing situations. We expect graphene to become a common ingredient in large-scale manufacturing, and the agreement announced today will likely be a common first-step for traditional manufactures,” said Elena Polyakova Co-CEO of Graphene 3D. “Manufacturers want the benefits of graphene, but it is a highly-specialized material. We are helping partners develop solutions and processes to incorporate graphene into their existing manufacture processes.”
Graphene 3D Lab Co-CEO,Daniel Stolyarov, stated:
Our lab team will assist our partner to understand, handle and integrate graphene into future manufacturing. We are not just replacing other additives with graphene, we are working jointly with our partners to elevate the potential of their products. Product expertise from our partners, graphene expertise from our lab – the results is new products that can do more than before.