Nanoco Group plc (LON:NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials emanating from its technology platform, has today announced that it has signed an agreement for a development project with an important European electronics customer.
The project began in May 2020 and was the first piece of work to be performed under the long-term Quantum Dot Material Supply Agreement.
The project extension moves the successful Phase 1 development work to the next stage. Nanoco will continue working on a range of materials for a number of potential applications.
The extension increases the Board’s expectation for revenue in FY21 by approximately 40% with the balance of the project revenue to be earned in the first quarter of FY22. The contribution generated allows us to maintain our current operational business for the duration of the extension and our overall cash runway to H2 of calendar year 2022.
Brian Tenner, Nanoco Group’s CEO, commented:
“This is an important next step in our work with electronics materials. Successful delivery of the next stages of the project will further demonstrate the interest of the electronics industry in Nanoco’s technology in the medium term.
“Growth in mega-trends in a number of sectors utilising infra-red sensors accelerated very significantly across the globe in the second half of 2020. Nanoco’s technology adds significant capability and enhanced functionality for devices in those sectors. This creates a promising landscape for the exploitation of our materials and the leveraging of our electronic materials production facility in Runcorn.”