Nanoco strikes consumer device deal
NANOTECHNOLOGY specialist Nanoco has struck a new agreement to work on a consumer device with a Japanese electronics manufacturer.
The Manchester-based group produces quantum dots – tiny fluorescent particles of semiconductor material which have the ability to emit light. They are in demand by the makers of liquid crystal displays for computers, TVs and phones because they consume less power than existing systems.
Last week the firm earned a £1.2m milestone payment for producing 1kg of red dots. It has now agreed a follow-on product development deal triggering an upfront payment of £500,000.
Chief executive Michael Edelman said: “Having worked over the past 18 months to demonstrate that our cadmium-free quantum dots have the physical properties our partner requires, we are now very excited to be working with them to incorporate the quantum dots into a specific consumer device.
“This agreement marks Nanoco’s progress to the final stage of taking quantum dots from the lab into a commercially available product.”
Yesterday the firm said investment in staff and its first commercial production facility in Runcorn had contributed to widening first-half losses. The AIM-listed business saw losses grow from £470,000 to £1.65m in the six months to January 31. Sales fell from £1.6m to £1.1m but the company said it had cash of £3.8m and is continuing to tightly manage costs.
Nanoco, which was established in 2001 to commercialise research from the University of Manchester and Imperial College, London, is also applying its technology to solar panels and anti-counterfeiting devices.
