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Nanoco surges on second supply agreement with US partner
(WebFG News) - Nano-technology group Nanoco has signed a second agreement with its unnamed US partner to produce next-generation nano-materials for applications in future technologies.
Under the expanded material development and supply agreement between the two companies, Nanoco will develop "an exciting new generation of nano-materials" for its North American partner, including advanced electronic devices, at its Manchester research and development facility.
Much like its previously announced agreement, Nanoco's partner will supply the capital required to fund expansions to the manufacturing capabilities at the AIM-quoted company's existing Runcorn facility in order to turn over commercial volumes of product.
The cadmium-free quantum dots producer begun its expansion process immediately after signing an agreement in March to take over 10,000 square foot of additional space in Runcorn to build a state-of-the-art production facility in order to provide commercial supply levels in January 2019.
Michael Edelman, Nanoco's chief executive, said, "We are extremely pleased to announce today's development agreement with our new US-listed Partner which further demonstrates the significant momentum we are seeing across our business and the potential applications of our technology across multiple end markets."
"As a business, we are proud to be innovators in the development of nano-materials, with extensive intellectual property and specialist knowledge that gives us a clear competitive lead in this technology. Under this new agreement we will be developing an exciting new generation of nanomaterials for use in future technologies," Edelman added.
As of 0830 BST, shares had shot up 17.35% to 43.30p.