Homeland move for Nanoco chief

MICHAEL Edelman, the chief executive of pioneering Manchester nanotechnology firm Nanoco, is to move to the US and run the company from Boston.

In a stock market statement the company said its headquarters would remain in Manchester but the move will enable it to develop its US investor base and potential customers.

The company said Mr Edelman was funding the move with the sale of 1.3 million shares at 163p, raising £2.1m.

Mr Edelman, who grew up in California, said: “Nanoco has reached a stage in its development where I am spending an increasing amount of time in the US, particularly since signing our key manufacturing and marketing relationship there.

“We have strategic relationships, customers, potential customers and investors in the US. By relocating, I will have the opportunity to serve and develop these relationships more effectively.

“Nanoco’s head office will remain in Manchester, UK, and I will continue to divide my time between Manchester, London, Asia and the US.”

Nanoco makes quantum dots – tiny fluorescent particles of semiconductor material which have the ability to emit light. They are in demand by the makers of electronic goods, such as mobile phones and flat screen TVs, because they consume less power than existing systems.

Since Christmas its shares have jumped in value from around 95p to 160p largely due to a deal with US conglomerate, The Dow Chemical Company. It has agreed to licence its technology to Dow subsidiary, Dow Electronic Materials, which will have the right to make and sell the dots for LCD displays.

Its market value is now £440m. Following the sale Mr Edelman still holds 6.9 million shares, or 3.3% of the company’s share capital.