Nanoco signs material development ad supply agreement
Source - SMW
Nanoco, which develops and manufactures cadmium-free quantum dots and nanomaterials, has signed a material development and supply agreement with a large, undisclosed US listed corporation.
Under the agreement, Nanoco will scale-up and mass produce novel nano-particles for advanced electronic devices and supply them from its production facility in Runcorn, UK.
In preparation for the quantity of materials needed for these markets, the partner will fund the capital expenditure required to expand Nanoco's Runcorn facility.
The commercial terms of the agreement include payments for success based milestones, and commercial supply of materials, both of which will strengthen Nanoco's balance sheet.
Based on the current timelines, commercial supply is anticipated to begin early 2019.
Michael Edelman, chief executive of Nanoco, said: "This transaction not only exemplifies the potential of our technology, but also the recognition that Nanoco can continue to pursue broad partnerships in diverse markets.
"Our deep expertise in the development and mass production of highly differentiated nanoparticles has enabled us to create partnerships, and future revenue streams, with partners around the globe. We are very pleased to announce today's agreement, and we look forward to updating you on our progress."
At 8:32am: (LON:NANO) Nanoco Group PLC share price was +7.7p at 31.35p