North West tech company, Nanoco Group has released a trading update this morning, saying it was a “fully funded” business.
The Runcorn firm, which is a world leader in the development and manufacture of cadmium-free quantum dots and nanomaterials, said that it was working on a new material with a “major customer”.
“Nanoco is now a fully funded new technology business that has already gained commercial traction for two of our products. We have strong and validated IP covering a range of applications and the financial wherewithal not just to defend that IP, but also to continue funding our leading edge R&D to create additional valuable IP,” said Brian Tenner, Nanoco’s CEO.
“Our customers’ global reach, proven credibility, and ambitions for this technology, emphasise the opportunities for Nanoco. Alongside the intended return of capital in 2024, the Board is confident that the Group will deliver increases in shareholder value in the medium term.”
In the statement this morning it confirmed that it had fulfilled its first ever commercial production orders, with the shipment of 2 different materials for use in infra-red sensing applications. This will be measured in “millions of units” but demand is then expected to grow gradually, which will mean it can become self-financing during 2025.
The company is currently fitting out a “significant” new device facility at its Runcorn base, which it hopes will extend the range of services it can offer customers. It should also accelerate the development of new materials.