REG - Nanoco Group PLC - First ever commercial production order

NanocoAnnouncement

15/11/2023 07:00

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RNS Number : 4496T  Nanoco Group PLC  15 November 2023

FOR IMMEDIATE
RELEASE
                                15 November
2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK
LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI
2019/310) ("UK MAR").

Nanoco Group PLC

("Nanoco", the "Group", or the "Company")

 

Commercial Production for two Infra-red Sensing Materials

 

Nanoco evolves from an R&D first mover to an electronics materials
production company

 

Nanoco Group plc (LSE: NANO), a world leader in the development and
manufacture of cadmium-free quantum dots and other specific nanomaterials
emanating from its technology platform, is pleased to announce it has now
fulfilled its first ever commercial production order, having completed
shipments of two different first generation materials for use in infra-red
sensing applications in electronic devices.

As previously announced, the Board's expectations were for a first commercial
production order prior to the end of 2023 and that the first use of the
Group's materials would be for low volume applications during FY24 and FY25.
Today's announcement is in line with these expectations and supports the FY24
revenue guidance given in the Group's Preliminary Results published on 17
October 2023.

At that time, the Group also set out its intention to continue developing new
infra-red sensing materials. On 7 November 2023 Nanoco announced a two year
development agreement with a key customer on one of those new materials. The
second generation materials will achieve even higher levels of performance and
secure Nanoco's pipeline of product development for a number of years to come.
The planned retained funds from the Samsung litigation have allowed Nanoco to
enter global electronics supply chains as a robust partner whilst also
enabling the accelerated development of new leading edge materials.

Demand is expected to grow gradually, enabling Nanoco to deliver the goal of
being self-financing during CY25. Earlier adoption in more applications, or by
more end users, has the potential to accelerate that expectation. If the
infra-red sensing technology is adopted in high volume, mass market products,
demand for Nanoco materials has the potential to grow very rapidly beyond
CY25.

Brian Tenner, Nanoco's CEO, commented:

"Today's announcement records a critical milestone in Nanoco's evolution from
an R&D first mover to an electronics materials production company. With
our customers' global reach and ambitions for this technology, we expect
initial low volume demand to increase gradually due to more end users and a
more diverse range of applications.

"We have now delivered all of the goals set for CY23, winning the IP
litigation and entering commercial production. Through careful use of the
retained funds from the IP litigation, we will continue our leading edge
R&D, our efforts to deliver further value from our validated IP portfolio,
and continued commercial production of high quality nanomaterials from our
Runcorn facility.

"Following the intended return of capital in 2024, the Board is confident that
growing interest and opportunities for sensing materials and the potential for
leveraging the Group's IP portfolio will deliver increases in shareholder
value in the medium term."

 

- Ends -

The person responsible for arranging for the release of this announcement on
behalf of Nanoco is Liam Gray, Chief Financial Officer.

MAR

The information contained within this announcement is considered by the
Company to contain inside information for the purposes of UK MAR. Upon the
publication of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public domain.

For further information, please contact:

Nanoco Group PLC:
 
                           +44 (0) 1928 761 422

Brian Tenner, CEO

Liam Gray, CFO & Company Secretary

 

Peel Hunt (Joint Corporate Broker):
 
         +44 (0) 20 7418 8900

Paul Gillam

Richard Chambers

James Smith

 

Turner Pope Investments (Joint Corporate
Broker):
+44 (0) 20 3657 0050

Andrew Thacker

James Pope

 

MHP:
 
                                           +44 (0)
7931988328

Reg Hoare/Matthew Taylor/Christian Harte

nanoco@mhpgroup.com

 

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 and other
nano-materials. 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, Sensor and Electronics markets. An interesting property of
quantum dots is their absorption spectrum. Nanoco's HEATWAVE™ quantum dots
can be tuned to absorb light at different wavelengths across the near-infrared
spectrum, rendering them useful for applications including image sensors.
Another interesting property 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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