Nanoco has signed an agreement for a fifth work package from its major European customer. This covers the final phase of a scale-up of a longer wavelength material and development of a third material. It has also completed a placing and subscription raising £2.0m (net) at 37p/share, which extends the cash runway into CY24, and announced a broker option at 37p/share potentially raising up to an additional £3.7m.
Work package provides stable revenue base
This fifth work package gives a monthly revenue rate similar to that delivered in H122, so we have raised our FY22 revenue estimate by £0.2m to £2.4m. Importantly, while the four previous work packages have lasted one or two quarters, this fifth work package extends for one year starting May 2022, giving Nanoco a more stable environment for business planning.
Nanoco Group PLC (LON:NANO) leads the world in the research, development and large-scale manufacture of heavy metal-free nanomaterials for use in displays, lighting, vertical farming, solar energy and bio-imaging.
