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Nanoco signs big manufacturing deal with US partner
Cadmium-free quantum dots and nanomaterials developer and manufacturer Nanoco Group announced on Thursday that it has signed a material development and supply agreement with a large, undisclosed US listed corporation.
The London-listed firm said that under the agreement, Nanoco would scale-up and mass produce novel nanoparticles for advanced electronic devices, and supply them from its production facility in Runcorn.
In preparation for the quantity of materials needed, the partner would fund the capital expenditure required to expand Nanoco's Runcorn facility.
The commercial terms of the agreement included payments for success based milestones, and commercial supply of materials, both of which would strengthen Nanoco's balance sheet, its board explained.
Based on the current timelines, commercial supply was anticipated to begin early 2019.
"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," said chief executive Michael Edelman.
"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."