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Manchester-based Nanoco Group reach "significant milestones" despite pre-tax losses

Manchester-based Nanoco Group, a manufacturer of cadmium-free quantum dots for use in LCD displays, lighting, solar cells and bio-imaging, has reported reaching “significant milestones” despite pre-tax losses.

The company is still working towards the commercialisation of its products and is still investing heavily in research and development.

Its loss before tax for the period was £4.13m, however at the same time last year there was a loss of £4.99m.

Revenues have increased to £1.61m compared to £680k for the same period last year.

Nanoco’s chairman reported that the company was making progress towards the commercialisation of the company’s product with its partnership with The Dow Chemical Company (Dow) going well and a factory being built in South Korea to produce its products on a large scale.

Production is expected to begin in mid-2015.

Nanoco also report that LG Electronics have signed a partnering agreement with Dow in January 2015 for the supply of Nanoco quantum dots for LG Ultra HD ColourPrime TVs.

The TVs will launch in the USA soon.

Nanoco’s Chairman, Anthony Clinch, said: “We’re delighted by the pace of progress towards the commercialisation of our cadmium-free quantum dot technology in the display market.

“Our worldwide licensing partner Dow expects to begin production in mid-2015 at the world’s first large-scale production plant for cadmium-free quantum dots.

“LG Electronics is moving closer to the commercial launch of the LG Ultra HD ColourPrime TV range unveiled earlier this year, which will mark the first consumer electronics products to incorporate Nanoco technology.

“We have made considerable technical progress in our other key target markets of LED general lighting, solar and bio-imaging.

“Going forwards we intend to put more emphasis on these additional markets, all of which offer major commercial potential.”

This was posted in Bdaily's Members' News section by Sophia Taha .