Announcement
Nanoco Group PLC : Launch of Nanoco 2D Materials Ltd
RNS Number : 8009M
Nanoco Group PLC
02 May 2018
NANOCO GROUP PLC
("Nanoco" or the "Group")
Nanoco Group PLC launches new business, Nanoco 2D Materials Ltd
Nanoco 2D Materials Ltd raises seed funding and announces collaboration with The University of Manchester and Nobel Laureate, Professor Konstantin Novoselov
Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and nano-materials, announces the launch of Nanoco 2D Materials Ltd "2D Materials", a wholly owned subsidiary focused on the development and commercialisation of a new generation of nano-materials.
Two dimensional nano-particles are a platform technology which are one or two atoms thick and a few nanometres wide and represent a burgeoning field of material science. Currently there is no cost-effective way to produce these 2D materials on a commercial scale nor any reliable method to ensure consistent properties suitable for the wide range of potential electronics, industrial and other applications.
For the past year Nanoco has been collaborating with Professor Novoselov, 2010 winner of the Nobel Prize for Physics for his work on graphene, with the goal to establish feasibility for these exciting new materials. Based on the positive results seen to date, 2D Materials has been created to formalise the partnership between the two groups, ensure funding is in place and continue the development of the technology.
The £400,000 funding comes from The University of Manchester in the form of a 10-year convertible loan note which carries a 6.5% coupon.
Dr Nigel Pickett, CTO and co-founder of Nanoco, said:
"By combining Nanoco's expertise with the knowledge base from Professor Novoselov's lab we have been able to push the boundaries of material science to come up with a new generation of versatile 2D nano-particles and are now utilising Nanoco's 15 years of scale-up expertise on methods to produce them at commercial scale. Potential commercial applications for these materials span across a wide range of sectors including novel catalysts, photo-detectors, photovoltaics, inverters and light emitting devices."
Professor Novoselov added:
"It is exciting to see how quickly 2D materials, beyond graphene, has accelerated from the early research stage to the technology we now have. Working with a very knowledgeable and dedicated Nanoco team continues to be a very refreshing experience. The ability of our combined teams to focus on particular technological and performance parameters is allowing the rapid development of these 2D Materials."
Clive Rowland, CEO of the University's innovation company UMI3, commented:
"Part of the University's strategy for commercialising graphene and its sister 2D materials is to work with existing companies and entrepreneurs to help them set-up R&D centres and new companies close to the campus to create a technology innovation ecosystem here - Graphene City®. I'm delighted that we are working with Nanoco, which itself is a spin-out from the University. Its experience in the handling and scaling up of nanomaterials and access to its relevant facilities were key factors in us deciding to support this initiative."
About the convertible note:
The £400,000 funding comes from The University of Manchester in the form of a 10-year convertible loan note which carries a 6.5% coupon. Interest payments are accrued until conversion or repayment of the loan takes place. The loan note is convertible into new shares of 2D Materials and any conversion event is dependent on an additional £1m of third party investment into 2D Materials or sale or flotation of 2D Materials.
For further information, please contact:
|
Nanoco |
Tel: +44 (0) 161 6037900 |
|
|
Michael Edelman, Chief Executive Officer |
|
|
|
David Blain, Chief Financial Officer |
|
|
|
Caroline Watson, Investor Relations Manager |
Tel: + 44 (0) 7799 897357 |
|
|
|
|
|
|
|
|
|
|
Peel Hunt |
Tel: +44 (0) 20 7418 8900 |
|
|
Adrian Trimmings |
|
|
|
George Sellar |
|
|
|
|
|
|
|
MHP Communications |
Tel: +44 (0) 20 3128 8788 |
|
|
Reg Hoare / Giles Robinson / Pete Lambie |
|
|
Notes for editors:
About Nanoco Group plc
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, nano-materials 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.
About UMI3
The University of Manchester I3 Ltd (www.umi3.com) is The University of Manchester's agent for intellectual property commercialisation. UMI3 is wholly owned by the University which has over a 30 year history of IP commercialisation.
UMI3's role is to bring as much of the University's ground-breaking inventions and software, as is relevant, into the commercial world. This we do principally by attracting entrepreneurs, investors and corporate venture partners to our campus and Innovation Centre (www.umic.co.uk) and then, through engagement with our academic colleagues, licensing or spinning out companies.
Since 2004 over 4,000 invention disclosures have been received. UMI3 has set up 41 spin-out companies and 51 social enterprise spin-outs, staff start-ups and assisted student start-ups. Over 7,500 licences and assignments have been brokered and over £360M has been invested by 3rd party venture funders in University of Manchester spin-outs, a number of which have received national and regional enterprise awards. It currently has over 100 projects in its portfolio at various stages of development.
The University's IP enterprises have generated over £115M to the University through the sale of shares in spin-outs, licensing income and through IP grants and contracts activity.
For more information, please visit www.umip.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDEASSFELDPEFF
;