A big pot of Europe's money is being channeled in the direction of miraculous super future material graphene, with an enormous €1billion grant about to fund a decade of development work into new uses for the ingenious carbon product.

The money, put into play by the European Commission's Future and Emerging Technologies think-tank, will look at how what it calls "the wonder material of the 21st century" can evolve, with the dream being to perhaps replace silicon in the tech products of the 2020s and eventually impact upon our transport, energy and health needs.

The fund will spread this enormous lump of money around some 100 separate research groups, all hoping to find the next big, carbon-based thing. [TechCrunch]

Image credit: Graphene from Shutterstock