Nanoco achieves milestone to trigger payments from US customer
A Manchester firm which develops materials used in the manufacture of monitors and TV screens has achieved significant milestone, triggering payments from a US customer.
Nanoco Group, a spin-out from Manchester University, announced today (Monday, December 24), that it has completed a milestone established as part of the material development and supply agreement announced in February 2018 with its undisclosed US customer.
The group said this milestone, the third of three, has been completed within the timetable set out in the agreement and reflects the significant progress being made.
The total value of all milestones in this programme triggered to date is £4.2m, with this third milestone valued at £1.6m.
Michael Edelman, chief executive of Nanoco, said: “We are pleased to announce the delivery of the third and final milestone for our US customer.
“We continue to discuss other potential services and deliverables and our aim is to deepen and lengthen our relationship with this important collaboration.”
In October the firm announced the development of new manufacturing facilities in Runcorn, funded by £2.9m advance payments by a US company against discounted future product sales, had gone ahead.
Announcing its results at the same time, it revealed that there had been a significant increase in billings to £6.5m – up from £1.1m in 2017.
Revenue and other operating income more than doubled to £3.5m (2017: £1.6m).
As a result, the loss after tax was cut to £6m from £9.1m the previous year.
Nanoco is a world leader in the development and manufacture of cadmium-free quantum dots and other specific nanomaterials emanating from its technology platform.
