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Black Swan Graphene Highlights Closing of Concretene's £3 Million Strategic Financing
Toronto, Ontario--(Newsfile Corp. - October 17, 2024) - Black Swan Graphene Inc. (TSXV: SWAN) (OT...
About this update from Black Swan Graphene Inc
[{"type":"text","content":"Black Swan Graphene Highlights Closing of Concretene's £3 Million Strategic FinancingToronto, Ontario--(Newsfile Corp. - October 17, 2024) - Black Swan Graphene Inc. (TSXV: SWAN) (OTCQB: BSWGF) (FSE: R96) (\"Black Swan\" or the \"Company\") is pleased to highlight that Concretene Ltd. (\"Concretene\"), its U.K. based concrete partner, has closed a £3 million (CDN$5.4 million) financing. The financing was co-led by Molten Ventures PLC, a tech-focused VC fund (see \"About Molten Ventures PLC\" below), with additional support from LocalGlobe, which previously invested in Concretene to help build its core team in 2023.The funds will support the development of Concretene's product, a graphene-enhanced admixture that lowers the carbon footprint of concrete. The funding aims to help the company achieve product certification and increase its revenue.George Chalmers, Head of Climate at Molten Ventures, commented: \"Concretene has made tremendous strides in getting its technology out of the lab and into meaningful real-world projects and applications. Its solution, viable today, is poised to make a meaningful impact in reducing emissions in one of the hardest-to-abate sectors.\" He added: \"We are delighted to support Concretene's world-class team of scientists and operators in scaling its solution across the industry.\"Mike Harrison, Chief Operating Officer at Concretene, commented: \"We're delighted to welcome Molten Ventures to join with us and LocalGlobe on our mission to decarbonise concrete. We also want to thank LocalGlobe for their enthusiasm and support in getting Concretene off the ground. Our team in Manchester has a unique combination of expertise and experience across construction and nanomaterial science, which will enable us to deliver our next stage of development and earn industry confidence and certification. With the support of our funders and strategic partners, Arup and Black Swan Graphene, we're now well-placed to move forward rapidly to commercialisation.\"Concretene: Decarbonising ConcreteConcretene developed a prototype formulation in collaboration with The University of Manchester's Graphene Engineering Innovation Centre (\"GEIC\"). According to Concretene, the prototype achieved a 25-30 per cent increase in compressive strength in lab tests and an average of 17 per cent in field trials, allowing for a ...