For immediate release | 31 January 2012 |
NANOCO GROUP PLC
("Nanoco" or "the Company")
Achieves US$1m Performance Milestone for Green Quantum Dots
Nanoco Group plc(AIM: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, announces that it has achieved the performance milestone for green quantum dots being developed in its supply and licence agreement with a major Japanese corporation, triggering a US$1 million payment.
The criteria for achieving the milestone included a performance life of at least 50,000 hours.
Nanoco will now begin production of a 1kg batch of the green quantum dots. Once produced, and validated by the customer, the 1kg batch will attract a US$2 million milestone payment.
The performance milestone for the green quantum dots follows the successful production last year of a 1kg batch of red quantum dots for the same customer.
The customer's intention is to combine the red and green quantum dots with blue LEDs to produce a highly efficient source of white light for multiple potential applications including backlighting for LCD displays and LED-based general lighting.
Michael Edelman, Nanoco's Chief Executive Officer, said: "We are delighted to have demonstrated that the performance of these green quantum dots meets our customer's specification as it marks an important step towards the customer's launch of a marketed product.
"Last year, we successfully produced 1kg of red quantum dots for the same customer and we will now begin production of a 1kg batch of green dots. The customer will then be able to combine the red and green dots with blue LEDs to produce a highly efficient source of white light for multiple end-uses."
For further information please contact:
Nanoco | Tel: +44 (0) 161 603 7900 |
Michael Edelman, Chief Executive Officer |
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Colin White, Chief Financial Officer |
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Bank of America Merrill Lynch - Joint Broker | Tel: +44 (0) 20 7996 2490 |
Will Smith |
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Canaccord Genuity - Nomad and Joint Broker | Tel: +44 (0) 20 7050 6500 |
Simon Bridges |
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Cameron Duncan |
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Buchanan | Tel: +44 (0) 20 7466 5000 |
Mark Court / Jessica Fontaine |
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Notes for editors:
About Nanoco Group plc
Nanoco is a world leader in the development and manufacture of commercial quantities of quantum dots for use in multiple applications including lighting, solar cells and biological imaging. Nanoco's quantum dots, which are free of heavy metals and comply with RoHS legislation, can be combined into a wide range of materials including liquids, polymers and glass. Nanoco forms strategic partnerships with major end users across a range of applications.
Nanoco was founded in 2001 and is based in Manchester, UK. Nanoco began trading on the AIM market of the London Stock Exchange in May 2009 under the ticker symbol NANO.
For further information, please visit www.nanocogroupplc.com.
