Last checked at 8 Feb 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")
Material Development and Supply Agreement
New partnership includes infrastructure investment, development, milestones and commercial supply agreement
Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and nanomaterials, announces that it has signed a Material Development and Supply Agreement with a large, undisclosed US listed corporation (the "Partner").
Under this agreement, Nanoco will scale-up and mass produce novel nano-particles for advanced electronic devices and supply them from its state-of-the-art production facility in Runcorn, UK. In preparation for the quantity of materials needed for these markets, the Partner will fund the capital expenditure required to expand Nanoco's Runcorn facility. The commercial terms of the agreement include payments for success based milestones, and commercial supply of materials, both of which will strengthen Nanoco's balance sheet. Based on the current timelines, commercial supply is anticipated to begin early 2019.
Michael Edelman, Chief Executive of Nanoco, said:
"This transaction not only exemplifies the potential of our technology, but also the recognition that Nanoco can continue to pursue broad partnerships in diverse markets.
Our deep expertise in the development and mass production of highly differentiated nanoparticles has enabled us to create partnerships, and future revenue streams, with partners around the globe. We are very pleased to announce today's agreement, and we look forward to updating you on our progress."
For further information, please contact:
Nanoco Group PLC Tel: +44 7788 897 357
Caroline Watson, Investor Relations Manager
Cwatson@nanocotechnologies.com
MHP Communications Tel: +44 (0) 20 3128 8570
Reg Hoare / Andrew Leach / Giles Robinson / Pete Lambie
nanoco@mhpc.com
The person responsible for arranging for the release of this announcement on behalf of the Company is David Blain, Chief Financial Officer.
Notes for editors:
About Nanoco Group plc
Nanoco is a world leader in the development and production of cadmium-free quantum dots and other nanomaterials for use in multiple applications including LCD displays, lighting, solar cells and bio-imaging. In the display market, Nanoco has non-exclusive manufacturing and marketing licensing agreements with The Dow Chemical Company, Merck KGaA and Taiwan's Wah Hong Industrial Corporation. Nanoco also has a strategy of direct sales in display and in its other target markets, including lighting.
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 executives in Japan, Korea and Taiwan. Its technology is protected worldwide by a large and growing patent estate.
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.