LONDON (ShareCast) - (Sharecast News) - Versarien said on Thursday that a proposed joint venture with China's Anhui Boundary Innovative Materials Technology and a related strategic investment remained uncertain after the UK government blocked the transfer of its graphene assets on national security grounds.
The AIM-traded company said the Chancellor of the Duchy of Lancaster had determined that the acquisition and use of Versarien's tangible and intangible assets by the prospective UK joint venture company would be prevented to safeguard know-how and intellectual property relating to graphene with dual-use applications.

It said the joint venture had been intended to import BIMT's graphene, carbon nanotubes and silicon-carbon anode materials to the UK for sale, particularly for electric vehicle and battery technologies, as well as provide technical support and conduct research into nanomaterial-enhanced composites for the automotive sector.

Versarien said there was no certainty that a joint venture agreement or the strategic investment, which remained subject to Chinese outbound investment clearances, would be concluded within the timeframes previously outlined.

At 1254 BST, shares in Versarien were up 52% at 0.02p.

Reporting by Josh White for Sharecast.com.

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