FOR IMMEDIATE RELEASE                                                                                                            31 August 2022

Nanoco Group PLC

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

Two Grant Funding Awards for Quantum Technology Projects

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 secured grant funding from Innovate UK, the UK's innovation agency, for two leading edge development projects for novel nanomaterials that build on Nanoco's unique patented technology:

·    The first covers the development of singly-doped colloidal dots for potential use in quantum technology applications and has been won in collaboration with The University of Manchester.

·    The second is to develop a new material set, based on alternative chemical elements, for potential use in infra-red sensing and other consumer electronics applications.

The two projects will last 18 and 12 months respectively and will commence early in Nanoco's FY23. They will deliver funding to Nanoco of around £0.3m in FY23 and around £0.2m in FY24. Any medium term value implications of the projects will depend on the research outcomes.

Brian Tenner, Nanoco's CEO, commented:

"These Innovate grants highlight Nanoco's position as the leading edge developer of novel nano-materials for electronics applications. The two projects build on Nanoco's existing extensive IP portfolio and the expert know-how of our team. They will help to consolidate our position as the leading producer of nano-materials for use in infra-red sensing applications, whilst also expanding into exciting new areas of opportunity."

- Ends -

The person responsible for arranging for the release of this announcement on behalf of Nanoco is Liam Gray, CFO & Company Secretary.

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.

For further information, please contact:

Nanoco Group PLC:

Brian Tenner, CEO                                                                                                                  +44 (0) 1928 761 404

Liam Gray, CFO & Company Secretary                                                                                   +44 (0) 1928 761 404

Peel Hunt (Joint Corporate Broker):

Edward Knight                                                                                                                        +44 (0) 20 7418 8900

Nick Prowting

Turner Pope Investments (Joint Corporate Broker):

Andrew Thacker                                                                                                                      +44 (0) 20 3657 0050

James Pope

MHP Communications:                                                                                                          +44 (0) 203 128 8570

Reg Hoare

Pete Lambie

[email protected]

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 Runcorn, 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.

About Innovate UK, the UK's innovation agency

Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. We connect businesses to the partners, customers and investors that can help them turn ideas into commercially successful products and services and business growth.

We fund business and research collaborations to accelerate innovation and drive business investment into R&D. Our support is available to businesses across all economic sectors, value chains and UK regions. Innovate UK is part of UK Research and Innovation. For more information visit www.innovateuk.ukri.org