TIDMVRS

Versarien PLC

01 November 2021

RNS Reach - Non-Regulatory

Versarien plc

("Versarien" or the "Company")

Consortium led by Westfield Sports Cars Ltd wins the backing of the Department for Transport

2-DTech, CPI, Westfield Technology Group join forces to support the development of a Pseudo-Capacitor technology aimed at zero emissions for port-side infrastructure.

Monday 1 November 2021, London: The Department for Transport in partnership with Innovate UK, part of UK Research and Innovation, has announced that project SUPPORTIVE has been awarded GBP652,000, of which 2-DTech Limited (a subsidiary of Versarien plc) will receive GBP93,000, in funding to develop an innovative Asymmetric Pseudo-Capacitor power pack. The objective is for this pack to be used in container shuttles, vehicles that transport shipping containers, at ports all over the world. Currently these vehicles are powered by diesel engines and are a sizable hurdle when it comes to transitioning maritime infrastructure to zero emissions by 2050. This award is part of the UK's Clean Maritime Demonstration Competition Strand 2.

The aim of this funding is to support the design and development of technologies for the reduction of greenhouse gas emissions by the UK's maritime sector as set out in the Clean Maritime Plan and support the transition to Net Zero by 2050.

There are currently two technologies used to power electric vehicles: lithium-ion batteries and supercapacitors. Li-ion batteries can store large amounts of electrical energy but typically have low power output, slow charging times and relatively short battery life. Supercapacitors, on the other hand, supply huge amounts of power, charge very quickly and last almost indefinitely. However, the relatively small amount of energy they hold quickly drains and severely limits the range of a vehicle.

The new SUPPORTIVE pseudo-capacitor technology is designed to charge quicker than supercapacitors, whilst also providing a higher power-capacity, and longer life-span than lithium-ion batteries.

Julian Turner, CEO of Westfield Sportscars Ltd says : "We are really excited to be working with our partners 2-DTech, CPI and Milford Haven on this project; it will bring ground breaking technology from the automotive and aerospace sectors to the marine industry. The partners have a mutual technology vision which will pave the way for a blueprint initially for all ports across the UK and then further afield. The consortium is delighted to be working with Belfast Harbour and the Port of Antwerp as non-funded partners on the project, bringing with them vast amounts of knowledge for trial sites, technology introduction to enable the scale up."

Neill Ricketts, CEO of Versarien comments: "Over the last few years 2-DTech has been working with Gnanomat to develop and supply graphene/transition metal oxide hybrid materials for use within the supercapacitor industry. We are really excited to have the opportunity to go one step beyond supercapacitors and move the asymmetric pseudo-capacitor tech we have developed into a real-world application. As the world transitions away from fossil-fuel reliant technologies and works towards a zero emissions future, pseudo-capacitor technology has the potential to play a significant role in making a renewable energy future reality."

Dr Tony Jackson, Business Unit Director, Formulation, CPI, adds: "We're delighted that the SUPPORTIVE project is being backed by the Department for Transport. As a cleantech innovation partner, CPI has a long history of translating bright ideas into new sustainable products and manufacturing processes. The Asymmetric Pseudo-Capacitor power pack developed through the SUPPORTIVE project will drive the next-generation of clean transport power and support net zero emission targets."

 
 Versarien 
  Neill Ricketts, CEO 
  Chris Leigh, CFO                                +44 (0) 1594 887204 
 SP Angel Corporate Finance (Nominated Adviser 
  and Joint Broker) 
  Matthew Johnson, Ewan Leggat, Adam Cowl         +44 (0)20 3470 0470 
 Berenberg (Joint Broker) 
  Mark Whitmore, Ciaran Walsh                     +44 (0)20 3207 7800 
 Yellow Jersey (Investor Relations) 
  Charles Goodwin 
  Henry Wilkinson 
  Versarien@yellowjerseypr.com                    +44 (0)774 778 8221 
 Champion Communications 
  Versarien@championcomms.com                      +44 (0)20 7030 3818 
 

Notes to Editors

About Versarien :

2-DTech is part of Versarien Plc (AIM:VRS), an advanced engineering materials group. Leveraging proprietary technology, the Group creates innovative engineering solutions for its clients in a diverse range of industries.

For further information please see: http://www.versarien.com

About Westfield:

Westfield Technology Group is the parent company of Westfield Sportscars and Westfield Autonomous Vehicles. Westfield Sportscars Limited is one of the UK's leading hand-built sports car manufacturers that is still British owned and family run. The company based in Kingswinford in the West Midlands, manufactures self-assembly or factory-built sports cars.

Westfield was established in 1983 and has sold over 20,000 cars worldwide and currently produces over 200 cars a year for driving enthusiasts the world over.

Models include the Chesil Speedster and E Version based on the Porsche 356, the Sport and the retro classic Westfield Eleven Sportscar that is based on the Lotus Eleven racer of the 1950s.

www.westfield-sportscars.co.uk

The company uses an international network of nineteen dealers throughout Europe, the Middle East, Africa, Australasia, the Americas and Asia Pacific.

Westfield Autonomous Vehicles is one of the UK's leading Pod and autonomous technology producers, it is the UK's first fully autonomous vehicle for first mile - last mile transportation. The Pod has been developed in conjunction with Heathrow Airport and utilises the base technology platform from the work completed by ULTra PRT (Personal Rapid Transit). The original system has now completed over 7 million kilometres in a live commercial environment serving Heathrow Airport Terminal 5 POD Parking.

For further information please visit http://westfieldavs.com

About CPI

CPI works with partners to translate inventions into products and processes that enhance health and wellbeing, protect and improve our environment and increase productivity across industries.

With a deep understanding of technology foresighting, innovation processes and funding, outstanding technical expertise and industry-relevant assets, it enables the accelerated development of transformational products and processes that have the potential to disrupt and revolutionise markets. We also engage in incremental technological innovation that allows established products and processes to be optimised for better performance and efficient manufacture.

Through the breadth of its technology platforms, the CPI supports partners across many diverse markets, including pharmaceuticals, specialty chemicals, food and drink, electronics and transportation.

www.uk-cpi.com

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November 01, 2021 03:00 ET (07:00 GMT)

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