Last checked at 30 Jul 2015 07:01
For immediate release | 30 July 2015 |
NANOCO GROUP PLC
("Nanoco" or the "Company")
Progress Update
Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, provides the following update on progress with the commercialisation of its technology.
Nanoco is making very significant progress in the display industry where it is working with a wide range of display OEM customers based in Korea, China, Japan, Taiwan and the US. In total, Nanoco is actively working with 11 display OEMs, ranging from major multi-national companies, such as LG Electronics, to emerging consumer electronics brands.
The work is focused on the incorporation of Nanoco's cadmium-free quantum dots into the OEM customers' display products, predominantly large screen televisions but also tablets and other devices. Sample materials to support these OEMs are being supplied from Nanoco's Runcorn production facility.
The pace of this work with display OEMs has increased in the run-up to The Dow Chemical Company ("Dow"), Nanoco's worldwide licensing partner for display applications, commissioning its mass production plant in South Korea. As announced earlier this month, Dow has completed construction of the plant and is currently commissioning it ahead of customer sampling expected during Q3 2015.
Nanoco is also making progress in the commercialisation of its CFQD® quantum dot technology in lighting and has recently formally established its lighting division as a focus for activities in this sector. The Company has already received orders through its relationship with Marl International Limited, a niche lighting supplier, and continues to work with Osram under a joint development agreement.
Michael Edelman, Nanoco's Chief Executive Officer, commented: "We are continuing to make excellent progress with the commercialisation of our technology in the display industry and are currently working with 11 display OEM organisations in Asia and the US. The Dow mass production plant in Cheonan, South Korea, is currently being commissioned and we look forward to the start of commercial production from the plant.
"We are continuing to work on the commercialisation of our technologies in our other target areas, with lighting being the most advanced to date. The use of Nanoco's CFQD® quantum dots in a range of lighting products has grown to the point that has justified the formation of a standalone division to accelerate commercialisation in this area."
For further information, please contact:
Nanoco | Tel: +44 (0) 161 603 7900 |
Michael Edelman, Chief Executive Officer | |
Mark Sullivan, Interim Chief Financial Officer | |
Canaccord Genuity - Joint Broker | Tel: +44 (0) 20 7523 8000 |
Simon Bridges | |
Mark Whitmore Richard Andrews | |
Liberum - Joint Broker | Tel: +44 (0) 20 3100 2000 |
Neil Patel | |
Richard Bootle Steven Tredget | |
Buchanan | Tel: +44 (0) 20 7466 5000 |
Mark Court / Sophie Cowles / Stephanie Watson |
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, 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 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.nanocotechnologies.com.