- ZEN Graphene Solutions (ZEN) has signed a graphene oxide purchase agreement with an unidentified third-party supplier
- The agreement is for immediate delivery of 200 kilograms of graphene oxide, with additional purchases starting in January
- Graphene oxide is an essential ingredient for manufacturing ZEN Graphene’s anti-virus ink, which is in high demand due to COVID-19
- This purchase agreement will allow the company to fulfill increasing orders for the coating from PPE manufacturers
- ZEN Graphene Solutions is down 6.74 per cent and is currently trading for C$1.66 per share
ZEN Graphene Solutions (ZEN) has signed a graphene oxide purchase agreement with an unidentified third-party supplier.
Under the agreement, the company has purchased approximately 200 kilograms of graphene oxide, for immediate delivery. ZEN Graphene has also negotiated terms to buy additional amounts of graphene oxide by the tonne, starting in January 2021.
Graphene oxide is an essential ingredient for manufacturing the company’s patent-pending anti-virus ink. Since announcing the viricidal ink’s 99 per cent efficacy rate against the COVID-19 virus, ZEN Graphene’s shares have risen dramatically.
The company has also been besieged by demand for the coating from personal protective equipment (PPE) manufacturers. These businesses hope to make their face masks and gowns more effective at protecting against the coronavirus, by applying the ink to them.
By stocking up on graphene oxide, ZEN Graphene will be able to manufacture more of the viricidal coating, and fulfill its obligations for orders. The company recently signed a binding letter of intent with PPE manufacturer Trebor, under which ZEN Graphene will supply its graphene-based ink.
ZEN Graphene’s CEO, Dr Francis Dubé, commented on where this graphene oxide purchase agreement (GO PA) will lead the company.
“This purchase agreement positions us very well to scale up rapidly into the robust demand we see for our viricidal coating,” he said.
“We will continue discussions with interested PPE and HVAC manufacturers, knowing we now have significant capacity to fulfill the demand by establishing this interim GO PA solution,” he added.
ZEN Graphene Solutions is down 6.74 per cent and trading for C$1.66 per share, as of 11:38am EST.