Haydale Graphene PLC (LON:HAYD) shares jumped higher on Tuesday following news it has signed a supply agreement to provide 76kg of its propriety piezoresistive ink to HP1 Technologies Ltd. (HP1T) over an 18-month period.
The AIM-listed advanced materials group said the value of the supply agreement is not disclosed due to its commercially sensitive nature.
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It added that the initial supply is required for the first stage of development for a HP1T customer. HP1T creates bespoke flexible, printed, functionalised nano carbon-based sensor systems that can measure and collect high-quality impact and pressure data.
The company said the newly signed supply agreement will see Haydale become HP1T's single supplier of functionalised nano carbon inks.
Haydale added that working in collaboration with HP1T, the functionalised ink will be used to create printed sensors, allowing HP1T to monitor changes when mechanical stress is applied.
The group said that combining Haydale's piezoresistive inks, intelligent printing and HP1T's software and technology, HP1T's initial focus will be on using the pressure sensors in helmets as a diagnostic, however HP1T is also undertaking trials with adapting its sensor system for use in a variety of applications including aerospace, military, robotics and utilities.
David Banks, Haydale’ interim executive chairman, commented: "This Supply Agreement demonstrates a significant step forward in the commercialisation of our functionalised nano carbon-based inks.
“We welcome the opportunity to work with HP1T in these early development stages and we look forward to developing the relationship further."
In early afternoon trading, Haydale Graphene shares were 12.1% higher at 32.5p.
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