Haydale Ltd (www.haydale.com), a graphene company based in Carmarthenshire, has secured £3.3 million of funding from a New York investment firm to support its expansion into China.

Everpower International Holdings will acquire a 9.9% stake in Haydale Graphene Industries (the holding company of Haydale Ltd) via its Fu Xing New Materials Development subsidiary in Beijing.

Ray Gibbs, chief executive of Haydale Ltd, said: “The agreement should give us an excellent platform to launch our products into China, which represents a fast-moving and significant end market for Haydale.

“We have been seeking a partner to help give us a footprint in the region for some time. China is one of the world’s largest markets for advanced composites applications.”

Everpower chairman Nan Lin said: “Our mission is to identify high-quality technologies from the USA and Europe and integrate them into the Chinese market.

“We have been extremely impressed with the work and technological capabilities of Haydale, and we believe our collaboration will prove to be mutually beneficial for both parties.”