Versarien floats to fund thermal management product development
1 min read
Engineering materials group Versarien is now trading its shares on London's Alternative Investment Market. The group has raised £3million before expenses through a placing of 24,489,799 ordinary shares and followed this with an offering of more than 83m ordinary shares, valuing the company at more than £10m.
As part of its strategy, Versarien has used some of the funds raised to acquire Total Carbide, a manufacturer of sintered tungsten carbide components. The move is said by Versarien to give it access to the manufacturing assets needed to expand production of VersarienCu, but also to broaden its advanced materials expertise.
Versarien develops microporous metals for thermal management applications. Amongst them is VersarienCu, a microporous copper said to improve efficiency by up to ten times when incorporated into liquid cooling systems.
Neill Ricketts, Versarien's chief executive officer, said: "We intend to build on the current profitable business of Total Carbide and to use its automated facilities to manufacture VersarienCu. This, in turn, enables Versarien to tap into the large and high growth market for thermal management and we look forward to developing innovative products to capture this opportunity using our proven leading edge technology."
