Nanoco Secures Milestone Payment
Nanoco Group, the AIM-listed developer of quantum dots and other nanomaterials, has a secured a “milestone” payment of $600,000 from an unnamed Japanese electronics company.
The agreement, to design and development of quantum dots for use in the LED backlighting of LCD TVs, was first announced last September. It has a final milestone remaining and is on schedule for completion in early 2011.
On completion, it is expected that a supply and licence agreement will be negotiated with the partner.
Michael Edelman, chief executive of Manchester-based Nanoco, said: “The achievement of this milestone, which focussed on longevity and optical performance of the quantum dot LED, provides further endorsement of our ability to design and supply bespoke quantum dots capable of being incorporated into robust consumer products.
“We are increasingly confident that our quantum dot LEDs will be the backlight of choice for TV manufacturers as they seek to reduce the power consumption and improve the colour performance of their products.”
Nanoco Group is based at the Core Technology Facility Manchester and is a University of Manchester spin-out.