Last checked at 8 May 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")
Nanoco Announces Major Milestone Payment from US Partner
Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, today announces that it will receive a £1.8 million payment from its undisclosed US-listed partner (the "Partner") after recently completing an important milestone in the Material Development and Supply Agreement announced in February 2018.
This milestone (the second of three) has been completed in line with the timetable set out in the agreement and reflects rapid progress being made. The total value of milestones in this programme triggered to date is £2.6 million.
Michael Edelman, Chief Executive of Nanoco, said:
"We are pleased to achieve this key milestone for our US Partner, which demonstrates Nanoco's ability to work with, and rapidly meet, our partner's needs. We remain confident in meeting our timelines to begin commercial supply and in addition, delivering on the expansion of our US partnership recently announced.
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.
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For further information, please contact:
MHP Communications Tel: +44 (0) 20 3128 8570
Reg Hoare / 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 (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.