Nanoco receives first commercial order

RNS Number : 6687J

Nanoco Group PLC

30 June 2017

 

30th June 2017                        

NANOCO GROUP PLC

("Nanoco" or the "Company")

Nanoco receives first commercial order for the supply of CFQD® resin

Order placed by leading global manufacturer Wah Hong

Nanoco Group plc (LSE: NANO), the leading developer and manufacturer of cadmium-free quantum dots and other nanomaterials, is today pleased to announce that it has received its first commercial order from Wah Hong Industrial Corporation ("Wah Hong"), one of the world's largest manufacturers of optical films and sheets for the display industry, for the supply of resins containing Nanoco's cadmium-free quantum dots (CFQD®).

The CFQD® resin products, which will be produced in Nanoco's manufacturing facility in Runcorn and delivered to Wah Hong, will be converted into films by Wah Hong and supplied to an Original Equipment Manufacturer (OEM) for usage in TV and monitor products.

This first order is for initial production, which is expected to ramp up over the coming months. Nanoco and Wah Hong expect that cutting edge branded products containing Nanoco's CFQD® resin will begin appearing in the international display market during the second half of the 2017 calendar year.

Further demonstrating the Group's continued momentum, Nanoco today confirms that its CFQD® technology is now being evaluated in 16 active TV and monitor programmes with 13 major OEMs (4 April 2017: 14 active programmes with 9 OEMs).

C P Yeh, President of Wah Hong Industrial Corp, said:

"We are pleased to announce our first orders for Nanoco's CFQD® resin following an extensive trial sampling programme performed over recent months. As a business, we recently invested in a new, wider coating line that will enable films large enough to fit 100 inch TVs to be produced and we remain on track to commence production of CFQD® films for our customers during the second half of 2017." 

Michael Edelman, CEO of Nanoco, said:

"After announcing in April that Nanoco is engaged with more near term commercial opportunities than at any time in its history, I am delighted to confirm the first commercial orders of our CFQD® resin for delivery in July 2017. This represents a significant milestone for our business and justification of the commercial potential for Nanoco's cadmium-free quantum dot technology in the international display industry.  We are confident that the scale of orders should increase over the coming months.

"In light of increasing global regulations restricting the use of cadmium, including the imminent ban by the European Commission of cadmium in display products, manufacturers across the world are seeking more sustainable solutions that still deliver outstanding color performance."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations.

- ENDS -

For further information, please contact:

Nanoco                                                                                                                 Tel: [phone]             

Dr Michael Edelman, Chief Executive Officer                                                    

David Blain, Chief Financial Officer                                                                        

Caroline Watson, Investor Relations Manager                                    Tel: + 44 (0) 7799 897357             

[e-mail] 

Peel Hunt                                                                                                             Tel: [phone]             

Adrian Trimmings                                                                                                           

George Sellar                                                                                                                   

MHP Communications                                                                                   Tel: [phone]             

Reg Hoare / Andrew Leach / Giles Robinson / Pete Lambie

[e-mail] 

Notes to Editors

ABOUT WAH HONG INDUSTRIAL CORPORATION

Wah Hong is the world's largest optical film coating and cutting company. Based in Taiwan, Wah Hong serves global customers in the display industry from five factories in China, one in Malaysia and one in Indonesia. It has a reputation for quality and has strong customer relationships among display companies in Taiwan, China and Japan. Its LCD product range includes all types of optical film including diffusion, reflection, prismatic and multi-function films along with light guide sheets and other products.

Wah Hong is quoted on the Taipei Exchange. For further information: www.wahhong.com.

ABOUT NANOCO

Nanoco (LSE: NANO) harnesses the power of nano-technology to create a brighter, more sustainable future. Based on breakthrough science, Nanoco's proprietary manufacturing process enables the large-scale production of its cadmium-free CFQD® quantum dots for multiple applications including LCD display, lighting, healthcare and solar.

Nanoco has non-exclusive manufacturing and marketing licensing agreements in display with The Dow Chemical Company, Merck KGaA of Germany, and Wah Hong Industrial Corporation of Taiwan.

Nanoco was founded in 2001 and is headquartered in Manchester, UK, with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco continues to build out a world-class, patent-protected IP portfolio generated both by its own innovation engine, as well as through acquisition. 

Nanoco is listed on the main market of the London Stock Exchange and trades under the ticker symbol NANO.  For further information please visit: www.nanocogroup.com.

 

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