REG - Nanoco Group PLC - Project Extension

NanocoAnnouncement

13/05/2021 07:05

RNS Number : 4599Y
  
Nanoco Group PLC
  
13 May 2021
  
 

FOR IMMEDIATE RELEASE                                                                                                            13 May 2021
Nanoco Group PLC
("Nanoco, the "Group", or the "Company")
 
Project Extension
 
Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials emanating from its technology platform, today announces that it has signed an agreement for a development project with an important European electronics customer.
The project began in May 2020 and was the first piece of work to be performed under the long-term Quantum Dot Material Supply Agreement ('QDMSA' or 'Agreement'). 
The project extension moves the successful Phase 1 development work to the next stage. Nanoco will continue working on a range of materials for a number of potential applications.
The extension increases the Board's expectation for revenue in FY21 by approximately 40% with the balance of the project revenue to be earned in the first quarter of FY22. The contribution generated allows us to maintain our current operational business for the duration of the extension and our overall cash runway to H2 of calendar year 2022.
Brian Tenner, Nanoco's CEO, commented:
"This is an important next step in our work with electronics materials. Successful delivery of the next stages of the project will further demonstrate the interest of the electronics industry in Nanoco's technology in the medium term.
"Growth in mega-trends in a number of sectors utilising infra-red sensors accelerated very significantly across the globe in the second half of 2020. Nanoco's technology adds significant capability and enhanced functionality for devices in those sectors. This creates a promising landscape for the exploitation of our materials and the leveraging of our electronic materials production facility in Runcorn."
 
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For further information, please contact:
Nanoco Group PLC:
Brian Tenner, CEO                                                                                                                +44 (0) 161 603 7900
Liam Gray, UK FD and & Company Secretary                                                                  +44 (0) 161 603 7900
Caroline Watson, Investor Relations Manager                                                               +44 (0) 161 603 7900
cwatson@nanocotechnologies.com
 
Peel Hunt:
Edward Knight                                                                                                                      +44 (0) 20 7418 8900
Nick Prowting
 
MHP Communications:                                                                                                      +44 (0) 203 128 8570
Reg Hoare
Giles Robinson
Pete Lambie
nanoco@mhpc.com
 
The person responsible for arranging for the release of this announcement on behalf of Nanoco is Liam Gray, Company Secretary.
MAR
The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.
FORWARD LOOKING STATEMENTS
This announcement (including information incorporated by reference in this announcement) and other information published by Nanoco may contain statements about Nanoco that are or may be deemed to be forward looking statements.  Such statements are prospective in nature.  All statements other than historical statements of facts may be forward looking statements.  Without limitation, statements containing the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or "considers" or other similar words may be forward looking statements.
Forward looking statements inherently contain risks and uncertainties as they relate to events or circumstances in the future.  Important factors such as business or economic cycles, the terms and conditions of Nanoco's financing arrangements, tax rates, or increased competition may cause Nanoco's actual financial results, performance or achievements to differ materially from any forward looking statements.  Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof.  Nanoco disclaims any obligation to update any forward looking or other statements contained herein, except as required by applicable law.
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-materials. Nano-materials are materials with dimensions typically in the range 1 - 100 nm. Nano-materials have a range of useful properties, including optical and electronic. Quantum dots are a subclass of nano-material that have size-dependent optical and electronic properties. The Group produces quantum dots. Within the sphere of quantum dots, the Group exploits different characteristics of the quantum dots to target different performance criteria that are attractive to specific markets or end-user applications such as the Display and Electronics markets. One of the interesting properties of quantum dots is photoluminescence: the emission of longer wavelength light upon excitation by light of a shorter wavelength. The colour of light emitted depends on the particle size. Nanoco's CFQD® quantum dots are free of cadmium and other toxic heavy metals and can be tuned to emit light at different wavelengths across the visible and infrared spectrum, rendering them useful for a wide range of applications including displays, lighting and biological imaging.
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.nanocotechnologies.com.
 
 

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