1 Apr 2011 07:00
For immediate release | 1 April 2011 |
NANOCO GROUP PLC
("Nanoco" or "the Company")
Achieves US$2m Milestone for Red Quantum Dots
Nanoco Group plc (AIM: NANO), a world leader in the development and manufacture of cadmium-free quantum dots, announces that it has successfully produced the 1kg batch of red cadmium-free quantum dots (CFQD™) specified by a major Japanese corporation, which triggers a US$2 million payment to Nanoco by the corporation.
The production of cadmium-free quantum dots on this scale is a major technical achievement, which underlines the scalability of Nanoco's patent-protected technology and the expertise of its production and technical teams.
The 1kg of red CFQD™ was manufactured to specification at Nanoco's recently commissioned production facility in Runcorn, Cheshire.
Nanoco expects to be able to demonstrate that green CFQD™ meet the final technical milestones within the next few months, which will trigger a milestone payment of US$1 million. This will be followed by the production of 1kg of green CFQD™ for delivery to the same customer in the second half of 2011. Once validated, the green CFQD™ will also attract a US$2 million milestone payment.
Michael Edelman, Nanoco's Chief Executive Officer, said: "We are delighted to have produced this 1kg quantity of red quantum dots to the customer's specifications. The production of our first 1kg of quantum dots is a significant achievement, and a further endorsement of our recently commissioned manufacturing facility. We now look forward to completing the green technical milestones and producing 1kg of green quantum dots."
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.
Nanoco (NANO)