LONDON (Alliance News) - Nanoco Group PLC on Wednesday said it has made significant progress towards commercialising its cadmium-free quantum dots and nanomaterials technology and remains confident on its outlook following the end of its financial year.
The company said its revenue for the year to the end of July is set to be GBP2.0 million, up from GBP1.4 million a year earlier, primarily from the milestone payment made to it by Dow Chemical, its commercial partner, and sales of trial quantum dots from its facility in Runcorn.
Quantum dots are nanocrystals made of semiconductor materials, which can be used in solar cells, LEDs and diode lasers. Nanoco's quantum dots do not contain cadmium - a heavy metal that is currently restricted under European environmental law.
"The board remains confident of achieving further progress in the commercialisation of its technologies during the current financial year and beyond," Nanoco said.
Shares in Nanoco were down 1.1% to 70.25 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Nanoco (NANO)