The Corporate Team at Gloucestershire-based BPE Solicitors has advised Versarien plc on its £5million loan facility from Innovate UK.
Innovate UK has been running an extended pilot innovation loans programme over the past three years with normal loan amounts of up to £1million. The award of the loan follows a rigorous process of innovation assessment and is the first of such magnitude by Innovate UK. This £5m loan was specifically awarded to fund Versarien’s G SCALE project and will enable the advanced materials engineering group to significantly increase the manufacture of quality assured graphene.
Led by Corporate Partner Anthony Rudge, BPE advised Versarien on its loan agreement and related security.
Anthony Rudge said, “We are delighted to have worked with Versarien on this project and wish them all the best of luck with their G SCALE project”.
Chris Leigh, Financial Director of Versarien, commented, “We are delighted to have been awarded this loan by Innovate UK, which acknowledges the work we are undertaking and advancements made. Anthony’s experience and expertise in advising us was invaluable in completing the transaction on a timely basis.”