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LONDON - Haydale Graphene Industries (AIM:HAYD) has signed multiple distribution agreements for its JustHeat graphene-based heating system following the product’s recent UL certification for North American markets, the company announced in a press release Thursday.
The advanced materials group has secured a non-exclusive distribution agreement with Quidos Protect Limited, a network of over 250 qualified heating engineers providing UK-wide installation coverage. Additionally, Haydale signed a five-year exclusive distribution contract with Jersey Energy Technologies covering the Channel Islands, which could generate revenues of £6 million over the contract term.
The JustHeat product, launched in April 2025, has received both UL certification for North American markets and CE marking for European access. The system uses Haydale’s proprietary HDPlas plasma functionalisation process to create low-power, graphene-based heating technology.
The company reported securing over 40 pilot installations with Welsh housing providers and is in discussions with Wales’ largest social housing provider about incorporating JustHeat in affordable home developments.
Haydale has also signed a commercialization agreement with European manufacturer Noel & Marquet to develop and distribute a version of JustHeat incorporated into coving and skirting products, targeting social landlords addressing damp and mold issues.
The company stated it remains on track to reduce monthly run-rate costs to approximately £200,000 by the end of FY25, representing a 70% reduction from FY24 overhead rates. Haydale reported an unaudited cash balance of £0.7 million as of May 2025.
The Quidos Protect agreement constitutes a related party transaction under AIM Rule 13, as Quidos is associated with an 18% shareholder in Haydale.
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