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Graphene is a waste of money, a very senior British professor told me last year during a conversation about government funding for science.

It might be useful to a few applications, he complained, but graphene will never be revolutionary: the technology is too limited - it is interesting but not a game changer.

We were talking a few months after the Chancellor George Osborne had allocated £50m to graphene research.

The year before, Andre Geim and Konstantin Novoselov of Manchester University had won the Nobel Prize for Physics for their pioneering work on the "miracle material" and the funding was a vote of faith in an exciting new area of research. Another £11m followed just after Christmas.

Graphene is the name given to a novel substance composed of a single layer of carbon atoms, extracted from graphite, with astonishing properties: the stuff is stronger than diamond, more conductive than copper and more flexible than rubber.

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