Neill Ricketts, Versarien's chief executive, said: "We are delighted to have secured this agreement with Graphene Lab, which will enable us to advance our plans in South Korea, following the acquisition in December. I am also pleased that our partnership with Graphene Lab has been further reinforced by the stake they have taken in Versarien. We are excited by the opportunities for Versarien in South Korea, including for new product developments, and we look forward to providing updates in due course."

Graphene is the world’s thinnest material. It is ultra-light and 200 times stronger than steel. In 2004, scientists at Manchester University discovered a way to extract it from graphite. Versarien, founded in 2011, uses the material in manufacturing processes.​