TIDMNANO
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(TM) 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(R)
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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