Versarien (VRS) signed a commercial partnership agreement recently with MAS Innovation, a large privately held apparel and textile manufacturer. The agreement aims to progress the securing of commercial orders or contracts for garments developed using Versarien’s proprietary graphene ink materials.

The two firms have been collaborating since January 2018 to develop new garments, with several prototypes already having been developed, wearer trials conducted and rigorous testing carried out by a leading UK accredited test house, Versarien said.

Neill Ricketts, CEO of Versarien, commented, “We are delighted to have secured a commercial partnership with MAS, a global apparel manufacturer at the forefront of innovative garment manufacture.” Shares in Versarien were trading 8.15 percent higher recently at 99.5 percent.

Ricketts added, “This is the first demonstration of our graphene commercialization strategy with a major global partner moving from the stage of having a collaboration agreement, through signing a letter of intent, to entering into a full commercial partnership agreement.” Versarien signed a letter of intent with its textile sector collaboration partner, MAS Innovation, in July 2019 as part of a push to bring graphene enhanced garments to the marketplace.

MAS is part of a holding company for a portfolio of businesses with a combined revenue of around $2 bn, and is the largest apparel and textile manufacturers in South Asia with 53 manufacturing facilities across 16 countries.