Nanoco Group plc (LON:NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other specific nanomaterials emanating from our technology platform, will hold its Annual General Meeting later this morning. Details of the arrangements were included in the Notice of Meeting issued on 13 November 2023.
The Company also today issues a trading update for the period to 30 November 2023 (“the Period”).
Trading update – transitioning to a commercial production company
We have now delivered the last of four important strategic milestones set by the Board in 2022. In November 2023, we fulfilled Nanoco’s first ever commercial production orders with the shipment of two different materials for use in infra-red sensing applications. The initial use case is expected to be for a low volume application measured in millions of units, whilst demand is then expected to grow gradually, enabling Nanoco to become self-financing during CY25.
We had previously already delivered the validation of our IP with the US Patent Office; a successful conclusion to the Samsung litigation; and the validation of at least one of our nanomaterials for commercial use.
On 7 November 2023, we announced an extended and deeper collaboration with our Asian Chemical Customer for the development of a novel, second generation material for use in infra-red sensing. This material will achieve even higher levels of performance, enable new potential applications, and help to secure Nanoco’s pipeline of product development for a number of years to come. We are also in advanced discussions for a further development agreement of a new material with another major customer.
At our Runcorn site, work is underway to fit out a significant new device facility which will extend the range of services we can offer customers as well as accelerating the development of new materials, financed by the retained funds from the litigation earmarked for investment.
Overall trading remains in line with the Board’s expectations for FY24. The return of capital process remains on track for early 2024.
Board update – Non-Executive Director recruitment on track
The Board previously announced its intention to recruit a new Non-Executive Director with deep sector specialism in commercialising new technologies in relevant electronics markets. The Nominations Committee has reviewed an extensive list of highly qualified candidates, followed by short list interviews and a number of individual candidate visits to our Runcorn site.
The recruitment process is now nearing its completion and we expect to update shareholders shortly. The high quality of candidates and their appetite to join us demonstrates the clear credibility of Nanoco’s strategy and ability to build a robust position as a supplier in global electronics supply chains.
Brian Tenner, Nanoco Group’s CEO, commented:
“Nanoco is now a fully funded new technology business that has already gained commercial traction for two of our products. We have strong and validated IP covering a range of applications and the financial wherewithal not just to defend that IP, but also to continue funding our leading edge R&D to create additional valuable IP.
“Our customers’ global reach, proven credibility, and ambitions for this technology, emphasise the opportunities for Nanoco. Alongside the intended return of capital in 2024, the Board is confident that the Group will deliver increases in shareholder value in the medium term.”
Nanoco Group (LON: 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.
