REG - Nanoco Group PLC - Major Work Package for European Customer

NanocoAnnouncement

06/06/2022 07:01

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RNS Number : 6838N  Nanoco Group PLC  06 June 2022

FOR IMMEDIATE
RELEASE
                                6 June 2022

 

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")

 

Major Work Package for European Customer

 

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 a major work
package (the "Work Package") with its important European electronics customer
(the "Customer"). This follows on from the previous four work packages for the
Customer that were successfully delivered over the last two years.

The Work Package commenced on 1 May 2022 and is for one year. The contract
delivers a monthly revenue run rate equivalent to that delivered in H1 FY22
and further underpins our cash runway to H1 CY23. Additionally, the working
capital arrangements in the contract support Nanoco establishing a more robust
supply chain of raw materials. As a result, the Board now expects to exceed
its recently increased revenue expectations for FY22.

Brian Tenner, Nanoco's CEO, commented:

"This is a very important step for Nanoco. It creates a significantly more
stable financial environment for operations and business planning compared to
the previous series of short, quarterly, work packages. The addition of new
materials to the development pipeline emphasises the long-term nature of our
relationship with our customer.

"Furthermore, the support for working capital will enhance our readiness for
visibility of potential commercial production orders in the second half of
CY22. Any production orders received will be in addition to this work package.
We continue our efforts to consolidate our R&D and scale up activities in
our Runcorn production facility ahead of final product validation and
potential commercial orders.

"While we take nothing for granted with regard to commercial orders, we remain
focused on our short to medium term goal of commercialising Nanoco's
nanomaterials with meaningful production volumes, subject to final customer
adoption of the technology in end use devices."

 

- Ends -

For further information, please contact:

Nanoco Group PLC:

Brian Tenner, CEO
 
                   +44 (0) 161 603 7900

Liam Gray, CFO & Company
Secretary
+44 (0) 161 603 7900

 

Peel Hunt:

Edward
Knight
+44 (0) 20 7418 8900

James Smith

 

MHP Communications:
 
           +44 (0) 203 128 8990

Reg Hoare

Pete Lambie

Charlie Protheroe

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 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.

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 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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