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| Date | 17 Mar 2022 |
| Time | 07:00:04 |
| Category | Acquisitions and alliances |
| ID | 0584F |
FOR IMMEDIATE RELEASE 17 March 2022
Nanoco Group PLC
("Nanoco, the "Group", or the "Company")
Additional Work Package for significant 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 further agreement with its important European electronics customer (the "Customer") for the delivery of an enhanced and scaled up version of its technology.
As a result of the additional agreement, the Board now expects revenue in FY22 (the financial year ending 31 July 2022) to exceed the £2.1m of revenue generated in FY21. The revenue from this fourth work package with the Customer will contribute to the Group's performance in the third quarter of FY22.
Brian Tenner, Nanoco's CEO, commented:
"This agreement is a further important milestone on Nanoco's path to commercial production of materials for sensing applications. As part of that path, the Board has decided to re-locate R&D and scale up activities from the Manchester R&D centre to our Runcorn production site. This move will streamline product development as we prepare our Runcorn facility for commercial production.
"Global interest continues to grow in the use of Nanoco's nanomaterials in a very wide range of potential infra-red sensing applications. 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
Caroline Watson, Investor Relations Manager +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
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 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.