Toronto, 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 Concrete
Concretene 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 potential 10-15 per cent reduction in CO2 emissions from concrete, depending on the application. To prepare for the commercial launch, the founders built an experienced team, including Dr. Craig Dawson, a former GEIC scientist and co-inventor of Concretene.
The Technology
Concretene is a graphene-enhanced liquid admixture that reduces the carbon footprint of concrete by improving its mechanical performance, allowing for less cement and overall volume. It can be added at batching plants without needing additional training or equipment. Graphene helps improve the chemical structure of concrete as it cures, which makes the final product stronger in both compression and bending. This allows for a reduction in cement use-responsible for about 85 per cent of the CO2 emissions linked to concrete-while still keeping the same or even better strength needed for various uses, such as pre-cast, ready-mix, and high-performance concrete.
Graphene also accelerates curing times, potentially lowering project costs and durations, and improves the pore structure for better durability against water and salts. Ongoing research aims to confirm and standardise these benefits of faster curing and increased durability.
Concretene is working with Roger Bullivant, a UK pre-cast manufacturer, and Cemex, a global cement giant, to develop low-carbon CEM II/III cement formulations. This project is backed by £1.2M in grant funding from Innovate UK, which Concretene secured in 2023. Concretene is also collaborating with concrete specialists from Arup to conduct a thorough material testing programme. This initiative aims to create a detailed dataset that will support the performance evaluation and accreditation of Concretene as a concrete admixture.
Arup's concrete materials lead Fragkoulis Kanavaris said: "Concretene's recent bolstering of its technical team will strengthen its expertise in data analysis, nanomaterials in concrete and graphene formulations. The materials testing programme is a fantastic opportunity for Arup to support in its efforts to expedite the technology - we look forward to seeing Concretene progress from mixes and formulations towards standardisation."
Concretene's graphene-enhanced admixture reduces the carbon footprint of concrete by increasing the compression strength thereby reducing the amount of cement needed for each application. Cement represents 85% of the carbon emissions released from the production of cement.
Molten Ventures plc is a leading venture capital firm in Europe, developing and investing in disruptive, high growth technology companies. We believe it is our role to support the visionary entrepreneurs who will invent the future. We fuel their growth with our 'energy' in the form of truly patient capital, access to international networks and decades of experience building businesses. Currently, Molten Ventures is a shareholder in a diverse portfolio of companies including Thought Machine, Coachhub, Aiven, Ledger and Aircall.
Concretene is a Manchester-based green-tech company dedicated to lowering embodied carbon in construction with the novel use of nanomaterials in concrete. The firm's core technology - a graphene-enhanced liquid admixture, developed in conjunction with The University of Manchester's Graphene Engineering Innovation Centre - improves the performance of concrete such that significant quantities of cement can be removed while achieving the same or improved design strength. The admixture can be used in the same way as other chemical admixtures, commonly in use in construction, with no disruption to existing practices at batching plants and no requirement for new equipment or training.In October 2022, Concretene received Seed funding of £3.5m from venture capital fund LocalGlobe, enabling the assembly of a core technology team and testing capability across state-of-the-art labs for chemical formulation and materials testing. In conjunction with strategic partners Arup and Black Swan Graphene, the team has focused on optimising the formulation with raw materials from sustainable sources and working with supply chain partners to verify material reliability, scalability and cost.In October 2024, the company announced Seed+ funding of £3m in a round co-led by Molten Ventures and LocalGlobe, with a view to taking Concretene through the accreditation process and through to full commercialisation of the product.
Black Swan is focused on the large-scale production and commercialization of patented high-performance and low-cost graphene products aimed at several industrial sectors, including concrete, polymers, Li-ion batteries, and others, which are expected to require large volumes of graphene. Black Swan aims to leverage the low cost and green hydroelectricity of the province of Québec as well as the proximity of the province's emerging graphite industry in order to establish an integrated supply chain, reduce overall costs, and accelerate the deployment of graphene usage. On March 27, 2023, Black Swan, Concretene Ltd. and Arup Group Ltd. ("Arup") announced strategic partnerships, establishing a fully integrated supply chain, and providing a turnkey solution for the construction and concrete industries. Arup is a multinational engineering consultancy headquartered in London, United Kingdom, with 18,000 experts working across 140 countries. Black Swan's graphene processing technology was developed by Thomas Swan & Co. Ltd. ("Thomas Swan") over the last decade. Thomas Swan is a United Kingdom-based global chemicals manufacturer, with a century-long track record and has been at the forefront of graphene innovation.
Black Swan Graphene Inc. on behalf of the Board of Directors
Simon Marcotte, CFA, President & Chief Executive Officer
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Forward-Looking Information
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to the TSXV listing, risk related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with the industry; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in development activities or the completion of feasibility studies; the uncertainty of profitability; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of feasibility studies, and the possibility that future results will not be consistent with the Company's expectations; risks related to commodity prices fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Furthermore, performance results of graphene products as additives can vary widely depending on type and the specificity of the target material, the specifics of the graphene product itself, including but not limited to, carbon purity, particle size, surface agent, dispersion behavior, and application and usage methods. Investors are cautioned against attributing undue certainty to forward-looking statements and initial test results. These forward-looking statements and test results are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections.
