Haydale (AIM: HAYD), the global advanced materials group, is pleased to announce, further to the statement made by BAC Mono on 14 September 2018, that it has been awarded a research and development grant from the Niche Vehicle Network to develop graphene enhanced composite tooling and graphene enhanced automotive body panels.

A grant of £249,600, of which Haydale will receive £120,000 has been awarded to the consortium that Haydale leads, joined by Briggs Automotive Company (BAC) and Pentaxia. BAC is a British manufacturer of the Mono, the world’s only road-legal, single seat super car. Pentaxia is specialist in tooling design, machining (jigs & fixtures), and composite production.

Through development in this core strategic area, Haydale is looking to reduce cycle times compared to existing tooling methods, as well as reduce weight and increase performance of component material.

Whilst the focus is on the automotive sector, it provides a wider opportunity for Haydale to look at tooling materials across several markets, particularly where there are throughput constraints. Researchandmarkets.com reports that the global tooling market for the composites industry is projected to grow at a healthy CAGR of 7.1% over the next five years to reach US$ 1,457.4 million in 2022.

Keith Broadbent, COO at Haydale, commented: “This funding will build on the significant developments already made by Haydale in advanced prepreg materials. The novel prepreg will be of significant interest to niche vehicle manufacturers and the premium and luxury automotive sectors, with BAC as a ready-made customer.”

Ray Gibbs, President, Business Development at Haydale, commented: “This collaboration will ensure major advancements in composite tooling resulting in a prepreg material that is ready for market launch. We know that production throughput is a major issue in the Carbon Fibre composite market and this initiative can ease the bottleneck. We will look to work with licensees to develop a route for full rate production and commercialisation.”