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Manufacturing

Government blocks sale of Versarien assets to Chinese joint-venture on security grounds

The Gloucestershire graphene maker is selling off a number of its businesses and is looking to secure investors in a bid to stay afloat

Pat McFadden, Chancellor of the Duchy of Lancaster(Image: Dan Kitwood/Getty Images)

The 海角视频 government has blocked the proposed acquisition of assets belonging to a Gloucestershire graphene maker by a Chinese joint-venture on security grounds.

The Chancellor of the Duchy of Lancaster, Pat McFadden, has prevented the transfer and use of the tangible and intangible assets held by Longhope-based Versarien to China's Anhui Boundary Innovative Materials Technology (BIMT).

The decision was made on the grounds of maintaining the security of know‐how and intellectual property relating to the production and use of graphene with dual‐use applications.

The final order was published in an update on the government's website and announced by Versarien to its shareholders.

"The Chancellor of the Duchy of Lancaster considers that the provisions of the final order are necessary and proportionate to prevent, remedy or mitigate the risk to national security," the government said.

Versarien said in a statement: "The purpose of any joint venture with BIMT will involve the import of BIMT's graphene, carbon nanotubes and silicon‐carbon anode materials to the 海角视频 for sale, with a particular focus on electric vehicle and other battery technologies, technical support and research and development of new nanomaterial enhanced composite products for the automotive sector.

"It should be noted that there is no certainty of concluding a joint venture agreement on this basis, nor of concluding the strategic investment, which still remains subject to clearance under Chinese Outbound Direct Investment regulations, within the timeframes outlined in the Company's Corporate Update."

Versarien has been under financial pressure for some months and has already placed a number of its businesses into administration after failing to find a buyer for them.