Graphene technology company Sparc Technologies (ASX:SPN) has enjoyed a solid ASX debut this morning.
The company listed via a reverse takeover of South Africa focused coal stock Acacia Coal (ASX:AJC).
Sparc sold 20 million shares at 20 cents each and those shares rose to 31 cents on debut and held steady as trading progressed.
It is also a premium of over 30,000 per cent from which Acacia shares last traded at.
Sparc Technologies (ASX:SPN) share price chart
‘There is a pathway for us’
Sparc’s debut leaves it with $6 million to spend on pursuing business opportunities in graphene-based applications.
Graphene is essentially a single layer of carbon atoms made from graphite.
Sparc is in a research partnership with the University of Adelaide to develop and commercialise graphene-based technologies.
Research to date has shown that graphene can be a significant ingredient in various applications.
“That work has shown that there is a pathway for us to infuse graphene into materials in order to enhance their performance,” managing director Tom Spurling told Stockhead.
“There are certain properties of graphene that leaves it to the absorption of different chemical compounds that give us an opportunity to exploit.”
A big 2021 awaits
Sparc’s three initial target markets are environmental remediation, metals recovery from tailings and marine and protective coatings. It is the first where the company is most advanced on and intends to capitalise on first.
Spurling said his company is on the lookout for a partner to help it commercialise its technology in regard to marine vessel coatings, which enhance a ship’s performance by reducing drag.
“We’d like to think we can find a partner that can help us exploit the coatings product,” he told Stockhead.
“And that’s something we think we can get going. During 2021 we think that we will have something that is potentially exciting to that large industry.
“That’s going to be our first milestone.”