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UPDATE - Haydale Graphene awarded £261,000 for oil pipeline research

Last updated: 22:31 19 Dec 2014 AEDT, First published: 23:31 19 Dec 2014 AEDT

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Haydale Graphene’s (LON:HAYD) subsidiary EPL has been awarded a £261,000 regional grant to research the use of its technology in oil pipelines.

The funding, from the Leicester and Leicestershire Enterprise Partnership, will be available early in 2015 and part-finance a series of long term accelerated durability tests on oil pipelines for the American Petroleum Institute. 

API is the largest US Trade Association for the oil and natural gas industry, representing some 400 corporations.

EPL is also working closely with Haydale to incorporate graphene into the thermoplastic composite pipes in order to enhance their oil and gas permeation resistance.

Ray Gibbs, Haydale’s chief executive, said: "This grant award will enable us to rapidly develop and test our graphene enhanced composite which could lead to commercial development within twenty four months in a potentially significant market.

“Our process has already been verified by the UK National Physical Laboratory and Aerospace Corporation, the US based independent research organisation, which reported more than a 100% increase in structural strength and stiffness of epoxy composites using Haydale's functionalised graphene nanoplatelets.

“These grant funded tests will add a further level of endorsement of our proprietary plasma process."

Gerry Boyce, managing director at EPL added: "Tests on prototype pipes have been extremely successful. 

“The setting up of a pipeline test facility at EPL will accelerate the long term testing of thermoplastic composite pipes required by API 15S.”

Broker Cantor said the grant is evidence that the ongoing development business of EPL is tangible and robust, something that has signally failed to be reflected in the share price performance since the deal was announced.

Year-end net cash was £5.7mln, which is greater than the current market cap, said Cantor, which has maintained its ‘buy’ recommendation and 150p target price.

Shares today were 11% higher at 47.7p.

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