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Teesside's Applied Graphene Materials is hoping to attract a host of major customers after proving the effectiveness of a new product and signing a Joint Development Agreement with a consumer chemicals business.

Earlier this year, the Redcar-based company announced it had created a new graphene material that could deliver a three-fold improvement in barrier and anti-corrosion properties at low loading levels.

After months of work, it is now able to amp up the product’s effectiveness to provide a six-fold improvement - a claim that has been verified through ISO standard accelerated weathering and anti-corrosion tests conducted by independent testing consultancy, the PRA.

Applied Graphene Materials’ (AGM) chief executive officer Jon Mabbitt said this would be particularly appealing to companies working in paint and coatings - one of three target sectors identified on the company’s formation in 2010.

“PRA is the representative body in the UK for paint companies,” he said.

“Our customers are finding this very interesting because it is another material that can deliver value and performance.

“You might ask why they would need to reformulate when they are happy with what they’ve got, but they are having to remove some additives such as lead and zinc, which will be looking to replace.

“Graphene is also very lightweight material, so they would only need a very small quantity.”

He added that AGM already had collaboration arrangements in place with the likes of Sherwin-Williams Protective & Marine Coatings.

However, SMEs tended to move faster than large companies on such developments and AGM would take a selective approach in finding those to work with.

After the “outstanding performance results” from the proof of concept studies for the new product, the North East firm has joined forces with European consumer chemicals business James Briggs, which formulates and supplies aerosol paints and high performance materials to well-known industry brands across numerous markets.

The pair have already begun an accelerated product development programme with a view to early market exploitation of graphene.

Under the agreement, James Briggs will incorporate graphene material into its existing paint formulations to deliver higher-performing primers with improved corrosion protection.

The two businesses will also be cooperating on potential applications for lubrication products, given the improved friction properties offered by the application of graphene.

Tim Pugh, chief executive officer of James Briggs Ltd, said: “We are keen to become the first specialty chemicals and coatings company to take advantage of this exciting new technology.

“The detailed understanding that AGM bring of how to get the most out of their material is impressive and we look forward to rapidly incorporating graphene into our own extensive range of everyday products.”

Applied Graphene Materials was founded six years ago by Professor Karl Coleman and bases its operations and processes on technology that was developed at Durham University.

The company, which is based at the Wilton Centre, was admitted to AIM in November 2013, raising £11m.

In January it raised a further £8.5m to support its ongoing activities.

Interim results for the six months ended January 31, 2015, showed the business was hit by an EBITDA loss of £2.1m.

However, the period saw good progress made in work with other companies and in attracting interest through samples.

Finance director Oliver Lightowlers said that the next step in the development of business would be to covert this into sales.

“Throughout the next couple of years, we expect to begin to generate more meaningful revenues - as until now revenues have really come from supplying samples,” he said.