GEIC will join an existing collaboration between Haydale and Wheelsure for graphene-enhanced failsafe solutions.
Haydale (LSE:HAYD) announced on Tuesday (November 27) that the Graphene Engineering Innovation Center (GEIC) will join the company’s existing collaboration with Wheelsure (NEX:WHLP) to develop graphene-enhanced failsafe locking solutions.
The company said that the project, which was initially announced in February, will pair Haydale’s functionalized graphene sensor with the failsafe locking solution from Wheelsure. Through the latest development, GEIC will play a crucial role in developing the sensor using Haydale’s graphene.
Haydale, an advanced materials company integrating graphene and other nanomaterials into commercial applications, said that the project would be showcased at the unveiling of GEIC in December 2018.
“The outcome [of the project] should enable Wheelsure to market and sell its product worldwide across a range of applications that require a permanent ‘smart’ locking nut and bolt assembly,” Ray Gibbs, present, business development at Haydale, said in the release.
GEIC is the University of Manchester’s GBP 60 million research and technology facility which is set to showcase the mass expertise of graphene together with the National Graphene Institute (NGI).
“By combining the expertise and capabilities of the University, Haydale and Wheelsure, we can accelerate disruptive solutions to current and new markets,” James Baker, CEO of Graphene at Manchester, said in the release.
Wheelsure Holdings, a company engaged in commercializing products for the safety needs of people, said in a separate release on Monday (November 26) that three parties have signed a non-disclosure agreement for commencing the project.
“It has long been our intention to progress and market an intelligent system to serve our world-renowned locking device,” Gerry Mulder, chairman of Wheelsure, said in Monday’s release. “We are delighted that Haydale Graphene Industries plc and The University of Manchester have committed to join us in this inspiring venture.”
Wheelsure and Haydale at the time of the announcement in February, said the companies would collaborate in partnership with the University of Swansea to develop smart systems for transport and industrial applications.
The companies said that the solutions would be developed using Haydale’s graphene ink sensor technology, which could be extended to Wheelsure’s existing portfolio.
Although few details were provided at the time of the initial announcement, in a May 2018 filing, Wheelsure said the proposed project with Haydale is part of the company’s three year business plan to deliver profits.
Of note, the global graphene market is forecasted to reach US$357.84 million by 2023, up from US$50.93 million in 2017, representing a compound annual growth rate (CAGR) of 38.39 percent during the forecast period. Other reports have suggested that graphene will find its use in many applications, including sensors, in the coming years.
Following the announcement, shares of Haydale were up 13.89 percent to close the trading session on Tuesday at GBP 0.41. The stock opened at GBP 0.38 and had a high of GBP 0.45 with a low of GBP 0.38 with over 1.14 million shares traded through the day.
Haydale has a “Buy” ranking on TradingView with 14 verticals in favor, seven in neutral and seven against.
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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.