24th Sep 2014 07:14
LONDON (Alliance News) - Nanoco Group PLC shares surged higher in early trade on Wednesday after it said The Dow Chemical Co will start construction on the first large-scale, cadmium-free quantum-dot manufacturing plant in the world in South Korea, with Nanoco quantum dots set to start commercial production at the plant next year.
Shares in the company were up 18% to 140 pence in opening trade, making it the best performer on the AIM All-Share.
Nanoco, a manufacturer of cadmium-free quantum dots and other nanomaterials, said the start of construction at the plant, to be based at an existing Dow site in Cheonan in South Korea, reflects customer demand for its products and said the start of the work will trigger a milestone payment from Dow to Nanoco.
It did not disclose the size of the milestone payment it will receive.
Nanoco said it expects commercial production of its quantum dots at the plant to start in the first half of 2015. They will be marketed by Dow under the TREVISTA Quantum Dots brand name.
"We are delighted that demand for Nanoco's cadmium-free quantum dots is at a point where Dow will begin construction of a large-scale manufacturing plant in South Korea based on our novel manufacturing process," said Nanoco Chief Executive Officer Michael Edelman.
By Sam Unsted; [email protected]; @SamUAtAlliance
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