Nanoco nears commercial production after $150m Samsung settlement
Manchester-based Nanoco has said it is closer to commercial production than any other time in its history as it uses the proceeds of a legal battle with Samsung “to generate further value from its IP.”
Nanoco makes cadmium-free quantum dots, a vital part of a host of anticipated technological development.
In a trading update published on Tuesday morning, the 20 year old London-listed firm said it has expanded its workforce and made “significant progress” with a European and major Asian supply chain customer as it pursues possible IP infringers.
Nanoco expects unaudited revenues of £5.6m more than double FY22 when it releases final full year results in October. Shares nudged down slightly on Tuesday morning.
Nanoco argued that Samsung used its quantum dot technology in its QLED TV without their permission, claiming an infringement of copyright.
The companies reached a $150m (£117.5m) settlement in February.
“Over the last year we have made significant progress, taking Nanoco to its current inflection point” said Brian Tenner, chief executive of Nanoco.
“Consistent feedback from the European customer supports the expectation of commercial production by the end of this calendar year.
“This transition from an R&D first mover to a commercial producer of scale is underpinned by the litigation proceeds and our validated IP for which we are actively pursuing further monetisation opportunities.”
Explaining further, Dr Christopher Richards, non-executive chairman of Nanoco, said: “The litigation proceeds allow us to drive the organic business forward while underpinning our firm commitment to return up to £40m of cash to shareholders in early 2024.”
The company say they are currently searching for a new independent non-executive director “with strong electronics sector commercial experience”.