Nanoco Group plc, the developer and manufacturer of cadmium-free quantum dots and nanomaterials, is expanding its operations at The Heath Business and Technical Park after signing an agreement to sell its products to a US corporation.
Manchester-headquartered Nanoco launched its existing facility at The Heath in Runcorn in 2010 where it designs and manufactures quantum dots and other nanomaterials for use in LCD televisions, monitors and lighting systems.
The company has now entered an agreement with SOG Group, The Heath’s owner and operator, to take over 10,000 square feet of additional space for state-of-the art laboratories, offices and storage capacity.
Nanoco’s original bespoke facility, created by SOG’s in-house technicians, covered 3,000 square feet of floor space. However as the company has expanded it required significantly more space to meet the demand for quantum dots from markets including Japan, China and the USA.
John Lewis, SOG’s managing director, says: “We are delighted that Nanoco is extending its operations with this exciting new research & development and manufacturing facility which will provide more highly skilled jobs. This is excellent for The Heath and is a boost to the further development of high-tech business in Halton.
“It is another excellent example of businesses operating at The Heath who have been able to secure overseas investment to fund their expansion here. Nanoco is supplying its unique product to a global market and this is really positive news not only for the Runcorn economy but for the entire north-west region.”
Once again SOG’s creative and technical team have responsibility for the design and refurbishment of an existing building on The Heath site to meet Nanoco’s specific requirements including purpose-built fume cupboards, gas and air-handling facilities and specialist mechanical and electrical services. Work is already underway with the new facility scheduled to open in July.
Nanoco’s new American partner will fund the capital expenditure required to expand its Runcorn facility. The commercial terms of the agreement include payments for success based milestones, and commercial supply of materials, both of which will strengthen Nanoco's balance sheet. Based on the current timelines, commercial supply is anticipated to begin early 2019.
Michael Edelman, chief executive of Nanoco, said: "This transaction not only exemplifies the potential of our technology, but also the recognition that Nanoco can continue to pursue broad partnerships in diverse markets. Our deep expertise in the development and mass production of highly differentiated nanoparticles has enabled us to create partnerships, and future revenue streams, with partners around the globe.”
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