Nokia recently announced that it was awarded a grant of $1 billion euros (approx. $1.3 billion USD) from the European Union's Future and Emerging Technologies program to help build products that use graphene. The material, Nokia says. "has a breaking strength 300 times greater than steel" and is the "lightest and best intrinsic conductor."

"Nokia is proud to be involved with this project, and we have deep roots in the field – we first started working with graphene already in 2006," Nokia chief technology officer and executive vice president Henri Tirri said. " Since then, we have come to identify multiple areas where this material can be applied in modern computing environments. We've done some very promising work so far, but I believe the greatest innovations have yet to be discovered."

The investment was made in part to help the European Union become a large player in the graphene development and research. "When we talk about graphene, we've reached a tipping point," Jani Kivioja, a research leader in Nokia's Research Center said. "We're now looking at the beginning of a graphene revolution. Before this point in time, we figured out a way to manufacture cheap iron that led to the Industrial Revolution. Then there was silicon. Now, it's time for graphene."

Graphene is expected to improve and make its way into new products in the coming years.