Nanoco in £10m fundraising

MANCHESTER technology firm Nanoco has raised £10m in a share placing.

The company has placed 6,369,427 shares at 157p with new and existing shareholders.

It plans to use the cash for working capital and “corporate purposes”.

The business 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 because they consume less power than existing systems.

Chief executive Michael Edelman said: “During the past few months we have made rapid progress with the commercialisation of our technology and with the development of our manufacturing capacity.

“The additional funds to be raised in this placing will assist our efforts to realise our strategy and to deliver value to our shareholders.”