Last checked at 27 Jan 2011 15:00
For immediate release | 27 January 2011 |
NANOCO GROUP PLC
("Nanoco" or "the Company")
Commissioning of Production Lines
Nanoco Group plc (AIM: NANO), a world leader in the development and manufacture of cadmium-free quantum dots, announces the successful commissioning of the production lines at its new facility in Runcorn, Cheshire.
The Runcorn facility - the Company's first commercial production capability - comprises 3000 square feet of laboratory and administrative space at The Heath Technology Park. It includes two dedicated Semi-Tech production lines, which together are expected, initially, to have the capacity to produce around 25kg of cadmium-free quantum dots (CFQDTM) annually.
Commercial-scale batches of high quality red CFQDTM have been successfully manufactured during commissioning. Nanoco is now trialling batches for a specific customer application and expects to be able to deliver 1kg of red CFQDTM to the customer within the next few months. Once validated by the customer, this will, subject to the Company's satisfaction of certain other contractual terms and conditions, trigger a $2m milestone payment. The Company also anticipates shipping 1kg of green CFQDTM in mid 2011, subject to similar terms and conditions.
The commissioning at the Runcorn site is a key step in the Company's multi-stage strategic plan for scaling up manufacturing capacity to meet anticipated demand in lighting, display, solar and other growth markets.
Michael Edelman, Nanoco's Chief Executive Officer, said: "Manufacturing in-house is central to Nanoco's business model and therefore the commissioning of the Runcorn facility marks an important milestone for the Company. The facility represents the Company's first commercial production capability and we now look forward to manufacturing significant volumes of quantum dots for our customers."
For further information please contact:
Nanoco | Tel: +44 (0) 161 603 7900 |
Michael Edelman, Chief Executive Officer | |
Colin White, Chief Financial Officer | |
Bank of America Merrill Lynch - Corporate Broker | Tel: + 44 (0) 20 7996 2490 |
Will Smith | |
Zeus Capital - Nominated Adviser | Tel: +44 (0) 161 831 1512 |
Alex Clarkson | |
Nick Cowles | |
Buchanan Communications | Tel: +44 (0) 20 7466 5000 |
Mark Court / Christian Goodbody |
Notes for editors:
About Nanoco Group plc
Nanoco is a world leader in the development and manufacture of commercial quantities of quantum dots for use in multiple applications including lighting, solar cells and biological imaging. Nanoco's quantum dots, which are free of heavy metals and comply with RoHS legislation, can be combined into a wide range of materials including liquids, polymers and glass. Nanoco forms strategic partnerships with major end users across a range of applications.
Nanoco was founded in 2001 and is based in Manchester, UK. 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.nanocotechnologies.com.