Milestone Payment
Nanoco Group plc (AIM: NANO), a world leader in the development and manufacture of quantum dots and other nanomaterials, announces that it has achieved a key milestone in its agreement with a major Japanese electronics company for the design and development of quantum dots for use in the LED backlighting of LCD TVs, triggering a US$600,000 milestone payment.
The 18-month development agreement, which was announced in September 2009, 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, Nanoco’s Chief Executive Officer, 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.”
