Nanoco Signs Agreement with Major Japanese Electronics Company23/09/2009 Manchester
Nanoco Group plc (AIM: NANO), a world leader in the development and manufacture of commercial quantities of quantum dots, announces that it has signed a joint development agreement with a major Japanese electronics company under which it will design and develop quantum dots for use in light emitting diodes (LEDs) in liquid crystal display (LCD) televisions.
Nanoco will receive an upfront payment and milestone payments under the terms of the agreement and, on completion of the 18-month development work, it is expected that a supply and licence agreement will be signed.
The structure of this agreement is similar to an earlier agreement with another major Japanese corporation active in the LCD display and general lighting markets. The earlier agreement comprised a total of $1.2 million in joint development payments during a 12-month period. The development work was successful and a supply and licence agreement followed, from which a further US$8 million in milestone payments is expected by 31 December 2010.
It is anticipated that Nanoco will sign further agreements with companies active in the LED market in due course.
The use of LEDs as the backlight for LCD displays and in general lighting allows a substantial reduction in the power consumed. Quantum dots offer key advantages over the phosphors currently used to create white light from LEDs including superior colour performance.
Michael Edelman, Nanoco’s Chief Executive Officer, commented: “We are delighted to enter into this agreement with a major company aimed at using our quantum dots in LCD TVs. This follows an earlier agreement with another major corporation, which is progressing well. We anticipate signing further deals in the LED market. This represents just one of the key areas in which we are making rapid progress in the commercialisation of our quantum dot development, scale up and manufacturing technology.”
For further information please contact:
Nanoco, Michael Edelman, Chief Executive Officer, + 44 (0) 161 603 7900
Zeus Capital, Alex Clarkson / Nick Cowles, + 44 (0) 161 831 1512
Buchanan Communications, Mark Court / Jennie Spivey / Miranda Higham, + 44 (0) 20 7466 5000
Notes for editors:
About Nanoco Group plc
Nanoco is a world leader in the development and manufacture of commercial quantities of quantum dots for use in multiple applications including solid-state lighting, solar cells and biological imaging. Nanoco’s quantum dots, which are free of heavy metals and comply with RoHS legislation, can be combined into a wide range of materials including liquids, polymers and glass.
Nanoco forms strategic partnerships with major end users across a range of applications.
Nanoco was founded in 2001 and is based in Manchester, UK. It also has an office in Tokyo, Japan. Nanoco began trading on the AIM market of the London Stock Exchange in May 2009 under the ticker symbol NANO.
About quantum dots
Quantum dots are fluorescent nano-sized particles of semiconductor material which have the ability to emit light in a specific colour dependent on the size of the particle.