Last checked at 23 Apr 2018 07:00
This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company's obligations under Article 17 of that Regulation.
NANOCO GROUP PLC
("Nanoco" or the "Company")
Expansion of Material Development Agreement
Expanded contract with US listed partner for the development of next generation nano-materials with applications for advanced electronic devices
Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and nano-materials, confirms that it has signed a second agreement with its undisclosed US listed partner (the "Partner"), further to the Material Development and Supply Agreement between the two companies announced on 8 February 2018. The terms of the new agreement include additional success based milestone payments and development-based funding.
Under this expanded agreement, and in parallel with all current commitments to the Partner, Nanoco will develop next generation nano-materials for applications in future technologies including advanced electronic devices. This development activity will begin immediately and will be conducted at Nanoco's Manchester, UK R&D facility.
As previously disclosed, the Partner is funding the capital expenditure required to expand the manufacturing capabilities of Nanoco's existing Runcorn facility in order to supply the Partner with commercial volumes of product. This process is already underway, with an agreement reached in March to take over 10,000 sq. ft. of additional space in Runcorn to build a state-of-the-art production facility in order to commence commercial supply in January 2019. All timelines for the agreement announced on 8 February remain on schedule.
Michael Edelman, Chief Executive of Nanoco, said:
"We are extremely pleased to announce today's development agreement with our new US listed Partner which further demonstrates the significant momentum we are seeing across our business and the potential applications of our technology across multiple end markets.
"As a business, we are proud to be innovators in the development of nano-materials, with extensive intellectual property and specialist knowledge that gives us a clear competitive lead in this technology. Under this new agreement we will be developing an exciting new generation of nano-materials for use in future technologies."
For further information, please contact:
Nanoco Group PLC Tel: +44 (0) 7799 897 357
Caroline Watson, Investor Relations Manager
Cwatson@nanocotechnologies.com
MHP Communications Tel: +44 (0) 20 3128 8570
Reg Hoare / Giles Robinson / Pete Lambie
nanoco@mhpc.com
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-technology to create a brighter, more sustainable future. Based on breakthrough science, Nanoco's proprietary manufacturing process enables the large-scale production of its cadmium-free CFQD® quantum dots for multiple applications including LCD display, lighting, healthcare, nano-materials and solar.Nanoco has non-exclusive manufacturing and marketing licensing agreements in display with The Dow Chemical Company, Merck KGaA of Germany and Wah Hong Industrial Corporation of Taiwan.Nanoco was founded in 2001 and is headquartered in Manchester, UK, with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco continues to build out a world-class, patent-protected IP portfolio generated both by its own innovation engine, as well as through acquisition. Nanoco is listed on the Main Market of the London Stock Exchange and trades under the ticker symbol NANO. For further information please visit: www.nanocogroup.com.