17th Feb 2020 09:23
(Alliance News) - Nanoco Group PLC said Monday it has filed a patent infringement lawsuit against South Korean electronics giant Samsung Electronics Co.
The nanomaterials developer has filed the lawsuit in the US District Court for the Eastern District of Texas, and is seeking "damages and other equitable relief".
The lawsuit claims infringement of Nanoco's unique synthesis and resin capabilities for quantum dots.
"In the lawsuit, Nanoco alleges that each of the defendants has wilfully infringed the company's patents and seeks a permanent injunction from further acts of infringement and significant monetary damages," the company said.
The defendants in the lawsuit are Samsung Electronics Co Ltd; Samsung Display Co Ltd; Samsung Advanced Institute of Technology; Samsung Electronics Co Ltd, Visual Display; and Samsung Electronics America.
Nanoco said all of the businesses named in the lawsuit are involved in the production or sale of televisions that use quantum dots.
Chair Christopher Richards said: "As a UK-based business specialising in the design, scale up, and manufacture of novel nano-materials, it is critical that we take steps to protect our platform technology and the IP that underpins it.
"Historically the group worked collaboratively with Samsung on developing enhanced quantum dots based on our unique and patented CFQD Quantum Dot technology and associated IP. We were therefore naturally disappointed when Samsung ended the collaboration and launched its QD based televisions without entering into either a licensing or supply agreement with Nanoco."
Richards noted the firm remains open to finding a "mutually acceptable commercial solution".
"Nanoco's action is appropriate to take at this time in the best interest of the company and its shareholders, to defend one of our core assets. The board believes that the lawsuit and possible options for monetisation of the group's IP are a testament to the quality of Nanoco's technology and underlying IP," he added.
Elsewhere, Nanoco said it is continuing with its strategic review, which includes looking into a possible sale.
Nanoco is continuing to review its strategic options including, but not limited to, a potential sale of the company through a formal sale process as announced on 5 November and will make a further announcement in due course, it said, adding its expectations for cash on hand remain in line with prior communications.
Shares in Nanoco were 5.2% higher in London on Monday at 22.62 pence each.
By Paul McGowan; [email protected]
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