The payment of £1.3mln makes a total of £3.12mln Haydale has received since their agreement in February, with the New York fund now owning a 9.5% stake in the AIM-listed graphene and nanomaterials group.
A final payment of £0.47mln is outstanding and after that is received the two companies will begin to work together to market Haydale’s existing range and new nanomaterial and graphene products for the Chinese market.
Ray Gibbs, Haydale’s chief executive, said Haydale’s management had recently met with business leaders in China and seen significant interest in conductive inks and Silicon Carbide.
“Additionally and most significantly, the recent increase in mechanical uplifts of carbon fibre pre preg achieved with our graphene has really excited the Chinese "in country" vehicle business looking at light weighting and incorporating graphene and other Haydale offerings to make the next generation automobile.
“We are now considering our China infrastructure to meet what is looking like substantial new opportunities for our graphene and nanomaterial products."
Broker Cantor Fitzgerald said the payment from Everpower suggests its intentions are to support Haydale’s expansion in China, where the opportunity appears substantial for its graphene enhanced resins, polymer-based composites, and advanced nanomaterial technologies.
Buy with a target price of 230p said the broker.