Nanoco Group plc (LON:NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials emanating from its technology platform, today announced that it has signed a further agreement with its important European electronics customer for the delivery of an enhanced and scaled up version of its technology.
As a result of the additional agreement, the Board now expects revenue in FY22 (the financial year ending 31 July 2022) to exceed the £2.1m of revenue generated in FY21. The revenue from this fourth work package with the Customer will contribute to the Group’s performance in the third quarter of FY22.
Brian Tenner, Nanoco Group’s CEO, commented:
“This agreement is a further important milestone on Nanoco’s path to commercial production of materials for sensing applications. As part of that path, the Board has decided to re-locate R&D and scale up activities from the Manchester R&D centre to our Runcorn production site. This move will streamline product development as we prepare our Runcorn facility for commercial production.
“Global interest continues to grow in the use of Nanoco’s nanomaterials in a very wide range of potential infra-red sensing applications. We remain focused on our short to medium term goal of commercialising Nanoco’s nanomaterials with meaningful production volumes, subject to final customer adoption of the technology in end use devices.”