Nanoco raises £15m to step up production
NANOTECHNOLOGY specialist Nanoco has raised £15m through the institutional placing of 16.7 million shares at 89p.
The AIM-listed firm said the move would allow it to accelerate its manufacturing programme, invest in further product development and build its technical sales and marketing team.
Manchester-based Nanoco manufactures quantum dots – tiny fluorescent particles of semiconductor material which have the ability to emit light. They can be used in flat screen TVs and mobile displays but are also effective at absorbing light so Nanoco has been applying the technology to solar power.
They are in demand because they reduce power consumption. Nanoco has struck several agreements with major electrical firms but it needs to increase production levels to meet demand. It has just started production at a 3,000 sq ft unit at The Heath technology park in Runcorn, its first commercial production facility.
Chief executive Michael Edelman said: “With the successful commissioning of the two semi-tech production lines at our Runcorn facility we have proven that we are able to manufacture our unique cadmium-free quantum dots (CFQDTM) on a commercial scale.
“We are very excited about the future. Our planned investment in the next phase of our growth will significantly accelerate the delivery of quantum dots to our customers as well as extending our ability to develop tailored products for new and existing customers and markets. Our culture of carefully controlling cash remains.”
The firm, which was established in 2001 to commercialise research from the University of Manchester and Imperial College, London, is now looking at applying the technology to sensors and anti-counterfeiting devices. It raised £10m when it floated through a reverse takeover in May 2009. Its shares closed at 91p yesterday.
