Versarien raises £450,000 as it sees traction in construction sector

Forest of Dean-based advanced materials group Versarien revealed it had raised £450,000 via a share placing to further its in-house concrete and mortar testing capabilities and fund external UKAS accredited testing services for 3D construction printed products.

The funds will also be used for general corporate and working capital purposes, the Gloucestershire firm said in a statement.

READ MORE: Versarien raises over £450,000 through share placing

In August this year, Versarien announced it had signed its first significant 3D construction printing (3DCP) contract.

That was with Building For Humanity CIC, where the firm will act as a 'print partner' to support the community interest company with a range of services for its flagship Charter Street project in Accrington, Lancashire.

The deal, initially valued at around £200,000, will see Versarien providing 3D construction printing input at all stages of the project, giving Building For Humanity a full service from design to construction.

Versarien said on October 16 that on-site 3DCP activities will likely start in 2025.

In addition, the firm announced at the beginning of this month that it had struck a 12 month commercially funded project with Balfour Beatty - one of the UK's largest construction companies, to develop graphene enhanced 3DCP materials and products.

These projects, and others, show the traction the company is experiencing in the construction sector, noted Versarien.

Also this month, the firm said it had a pipeline of opportunities of £4.7 million, of which commercial opportunities represent £1.6 million and grants £3.1 million.

The net proceeds of this placing will also help it pursue these opportunities, it added.