8th May 2018 13:15
LONDON (Alliance News) - Nanomaterials manufacturer Nanoco Group PLC said on Tuesday it has set to gain a GBP1.8 million payment from its undisclosed US-listed partner after completing a milestone in the Material Development and Supply Agreement signed in February.
Under the agreement, Nanoco would scale-up and mass produce novel nano-particles for advanced electronic devices and supply them from its production facility in Runcorn, UK. The US company would fund the capital expenditure required to expand Nanoco's production facility.
The commercial terms of the agreement included payments for success based milestones and commercial supply of materials, Nanoco said. The supply of materials is anticipated to begin early 2019.
The milestone achieved is the second of three and was completed in line with the timetable, reflecting rapid progress. The total value of the milestones triggered to date is GBP2.6 million.
"We are pleased to achieve this key milestone for our US Partner, which demonstrates Nanoco's ability to work with, and rapidly meet, our partner's needs. We remain confident in meeting our timelines to begin commercial supply and in addition, delivering on the expansion of our US partnership recently announced," said Chief Executive Michael Edelman.
Shares in Nanoco Group were up 6.4% at 47.35 pence on Tuesday.
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