IT HAS been described as tougher than diamond, yet it can stretch like rubber. It can conduct electricity a million times more efficiently than copper, but it is more transparent to visible light than any other conductor.

Graphene – a sheet of carbon atoms arranged in a honeycomb lattice – is set to revolutionise our lives.

It is easy to see why it has been described as the “miracle material” of the 21st Century when you look at how many ways it could be applied.

At only one atom thick, it could replace silicon as the raw material in computer chips and be used instead of indium tin oxide for flexible, paper thin computer and television screens.

Made by chemically processing graphite – the cheap material in the lead of pencils – scientists say it could make everything from touchscreens to plastics cheaper and more efficient.

And the great news is that its potential was discovered by two British-based scientists, Konstantin Novoselov and Andre Geim, from Manchester University.

The pair won the Nobel prize for physics for isolating and measuring its properties and, understandably, their work has sparked global attention.

In Britain, it led to Chancellor George Osborne last week announcing an investment of £50m to create a research hub to support the commercialisation of the “miracle material” with the aim being to manufacture products in the UK.

Graphene is now the subject of a global race as scientists develop how it could be used, with South Korea alone reportedly investing £195m into the technology.

It even has a North East presence with Durham Graphene Science, a research and development company which specialises in the synthesis of graphene, using a unique and scalable “bottom-up” approach to preparing the material. Durham Graphene Science is part of the NETPark communities.

Also in the North East, delegates at Solar Flair, the national photovoltaic conference, will be hearing how this fascinating material could have the power to transform the solar industry with its use in solar cells.

Could its transparency and flexibility mean that we could see solar panels across a window, for example?

Graphene is just one of the cutting-edge breakthroughs that will have an impact on the solar field.

We’re looking forward to hearing some of the country's leading solar minds talk about the progress of developments and the difference they will make to the industry.

To hear more about graphene book your tickets for Solar Flair on November 24 at www.solarflairpv.co.uk.

Stewart Watkins is the managing director of the County Durham Development Company