LONDON--Haydale Graphene Industries PLC (HAYD.LN) said on Wednesday that its wholly owned subsidiary, Haydale Composite Solutions, has won a 310,000 pounds ($410,152) contract extension from National Grid PLC (NG.LN).

The technology group that helps facilitate the sale of graphene and other nanomaterials said the unit started designing and developing a lightweight composite gas transition piece, used to provide support and seal around steel gas transmission pipelines passing through walls.

The company said that part of the contract was recognized in fiscal 2016, but that the majority of it is going to be recognized over the next 12 to 15 months.

Shares at 0730 GMT up 5.50 pence, or 3%, at 187 pence valuing the company at GBP29 million.

Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

(END) Dow Jones Newswires

September 28, 2016 03:46 ET (07:46 GMT)

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