|AIM-Listed Evolutec Group plc has announced the proposed acquisition of Nanoco Tech Public Limited Company, a nanotechnology company based in Manchester, UK.
Nanoco is a leading nanotechnology company involved in the development and manufacture of fluorescent semiconducting materials called quantum dots. Application areas for quantum dots include LEDs, where they can be used as downconversion materials, as well as displays and solar cells.
Once the acquisition is approved by shareholders, the enlarged group will be known as Nanoco Group plc and have a market capitalization of approximately £38.6 million. The Acquisition constitutes a reverse takeover.
Quantum dots are a platform technology with uses in a wide range of sectors from life sciences through to solid state lighting, solar energy and next generation displays. Quantum dot-based applications have the ability to potentially offer significant benefits in performance and energy savings compared to those materials currently used in these industry sectors.
Nanoco’s business strategy is to work in partnership with quantum dot application developers. These application developers tend to be large global technology companies working to incorporate quantum dots into a specific end use application.
Zeus Capital, the Manchester based investment bank, acted as financial adviser to Evolutec and will continue to act as Nominated Adviser to the enlarged group post acquisition.
Nanoco’s chief executive Michael Edelman said: "This acquisition represents the next milestone in Nanoco's rapid development. Nanoco has grown by focusing its efforts on the development and mass production of high performance quantum dots and working to get these exciting materials into the market by partnering with strategic quantum dot application developers around the world.”
Edelman continued, "Admission to the AIM Market of the London Stock Exchange allows the company to continue to further strengthen its shareholder base and balance sheet and gives Nanoco the resources needed to meet the growing demand for its products."
Nanoco was founded in 2001 by two academics from Manchester University - Paul O'Brien and Nigel Pickett - to advance the development of quantum dots.