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You are correct. There is nothing in the DARPA reports that say “invest in this company” it’s more to see what technologies they are are working and using, it allows you to do additional outside research to consider what public companies will dominate in those fields. If you know they are using graphene and nanomaterials for example, when you research those materials you find some interesting results and realize the ties that Hydrograph has to the military. I’ve posted some information below!
Here is some of the DARPA research on graphene and nanomaterials:
https://www.darpa.mil/news/2014/graphene-sensors?
https://www.darpa.mil/research/programs/in-vivo-nanoplatforms?
https://www.darpa.mil/research/programs/synthetic-quantum-nanostructures
https://www.darpa.mil/news/2026/thermonat-nanoscale-thermal-prediction
https://www.darpa.mil/sites/default/files/attachment/2024-12/icon-luna-10.pdf
“In the LunA-10 program, DARPA collaborators (e.g., ICON) discuss using graphene strips and tendrils in thermal straps for heat management on the Moon”
DARPA's Defense Nanotechnology Research and Development Program (from earlier reports) has historically included graphene for radio frequency applications, such as in the Carbon Electronics for RF Applications (CERA) program, achieving high-mobility transistors.
Here is some of the military relationships:
Hydrograph has an ongoing partnership with the U.S. Army Research Laboratory, facilitated through its expanded relationship with the Graphene Engineering Innovation Centre (GEIC) at the University of Manchester. In August 2025, Hydrograph appointed Cordell Bennigson, a former U.S. Marine Corps officer, to its board of directors. Bennigson's background includes operational military experience and leadership in developing electromagnetic dominance solutions for defense and critical infrastructure. His expertise is expected to accelerate Hydrograph’s commercialization of graphene in defense applications, such as lightweight armor and high-frequency radar systems, bridging military needs with innovative materials technology. They already have a defense related partnership with SEADAR technologies in September 2025 to integrate its graphene materials into subsea radar platforms.
Direct contracts or classified details with US military branches beyond ARL are not currently publicly detailed.