The Business Secretary has ordered a national security review into the proposed acquisition of a graphene producer in Wales by a Chinese company.
Graphene is considered the thinnest and lightest “supermaterial” known to humans – it is estimated that it is one million times thinner than paper.
Its coatings and components have various applications, including solar panels, batteries and computer chips.
Kwasi Kwarteng has written to the Competition and Markets Authority instructing them to carry out an in-depth Phase 2 investigation of the proposed acquisition of the Perpetuus Group by Shanghai Kington Technologies and others on national security grounds.
Mr Kwarteng commented: “We are open for business, but absolutely not at the expense of Britain’s national security.”
The step would allow the Business Secretary to block the proposed sale if it is found to threaten public interest.