Last checked at 24 Sep 2014 07:00
For immediate release | 24 September 2014 |
NANOCO GROUP PLC
("Nanoco" or the "Company")
Dow to Build Plant in South Korea
and Nanoco to Receive Milestone Payment
Nanoco Group plc (AIM: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, notes today's announcement from The Dow Chemical Company ("Dow"), Nanoco's global licensing partner, stating that Dow will begin construction of the world's first large-scale, cadmium-free quantum dot manufacturing plant capable of supporting the manufacture of "millions of cadmium-free quantum dot televisions and other display applications".
The start of construction reflects customer demand for Nanoco quantum dots, triggering a milestone payment from Dow to Nanoco. Preparatory work for construction of the plant, at an existing Dow site in Cheonan, South Korea, is well advanced.
Commercial production of Nanoco quantum dots at the plant is expected to begin in the first half of 2015. The quantum dots will be marketed by Dow under the brand name TREVISTA™ Quantum Dots.
In Dow's announcement, Dr C. G. Park, Global Business Director, Dow Electronic Materials' Display Technologies, states: "Today's announcement signals the display industry's desire to move toward quantum dots for brilliant colour in displays, but without the use of cadmium. Anytime we can enable our customers to develop extraordinary products for a more sustainable future, it's a win for our customers, consumers and the environment."
The full text of Dow's announcement is available at this link: www.dow.com/news.
Dow's website includes further details of the TREVISTA™ Quantum Dots brand at this link: www.dowelectronicmaterials.com/products/display_materials/trevista-quantum-dots.htm.
Michael Edelman, Nanoco's Chief Executive Officer, said: "We are delighted that demand for Nanoco's cadmium-free quantum dots is at a point where Dow will begin construction of a large-scale manufacturing plant in South Korea based on our novel manufacturing process. Under Dow's brand name TREVISTA™ Quantum Dots, Nanoco's technology will offer an outstanding quality of colour reproduction and set the standard for quantum dots globally."
For further information, please contact:
Nanoco | Tel: +44 (0) 161 603 7900 |
Michael Edelman, Chief Executive Officer | |
Colin White, Chief Financial Officer | |
Canaccord Genuity - Nomad and Joint Broker | Tel: +44 (0) 20 7523 8000 |
Simon Bridges | |
Cameron Duncan | |
Liberum - Joint Broker | Tel: +44 (0) 20 3100 2000 |
Simon Atkinson | |
Richard Bootle | |
Buchanan | Tel: +44 (0) 20 7466 5000 |
Mark Court / Fiona Henson / Sophie Cowles |
Notes for editors:
About Nanoco Group plc
Nanoco is a world leader in the development and production of cadmium-free quantum dots and other nano-materials for use in multiple applications including LCD displays, lighting, solar cells and bio-imaging. In the display market, it has an exclusive manufacturing and marketing licensing agreement with The Dow Chemical Company.
Nanoco was founded in 2001 and is headquartered in Manchester, UK. It has production facilities in Runcorn, UK, and a US subsidiary, Nanoco Inc, based in Concord, MA. Nanoco also has business development offices in Japan, Korea and Taiwan. Its technology is protected worldwide by a large and growing patent estate.
Nanoco began trading on the AIM market of the London Stock Exchange in May 2009 under the ticker symbol NANO. For further information please visit: www.nanocogroup.com.