Shares in Haydale Graphene Industries PLC (LON:HAYD) surged in mid-morning Tuesday after the Graphene Engineering Innovation Centre (GEIC) at the University of Manchester joined a collaboration to develop a graphene-enhanced failsafe locking solution.
The graphene products group said that the GEIC would join its collaboration with Wheelsure Holdings PLC (AQSE:WHLP), originally set up in February, to develop a product which paired its graphene sensor technology with Wheelsure's failsafe locking solution.
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The sensor would be developed by applications engineers at the GEIC, with the product to be showcased at the official opening of the GEIC in December.
David Banks, interim chief executive at Haydale, said: "We are pleased that this collaboration is developing and welcome the inclusion of Manchester's GEIC. We are looking forward to developing this innovative product, ensuring its successful pathway to commercialisation."
Shares were up 23.6% at 44.5p.