Nanoco Group PLC has announced the signing of a Statement of Work with significant joint development activities with STMicroelectronics (ST), an important European electronics customer. The two-year Joint Development Agreement (JDA) aims to optimize the performance of a second-generation sensing material to be developed by Nanoco. The agreement includes revenue for services that Nanoco will soon offer in the extended Runcorn facility, particularly in device testing and analytical services.

If all technical milestones in the two years of the JDA are achieved, the next step will be to scale the new material into an industrialized process capable of supporting high-volume applications. The JDA is expected to underpin the Board's expectations for non-license fee income in FY24, in line with FY23, and deliver additional sales of test materials during FY24 and FY25.

Brian Tenner, Nanoco's CEO, highlighted the Group's improved financial position, allowing proactive investment to accelerate the development of new materials and service capabilities. He emphasized that the expanded range of services has created a compelling offering for ST, who will be the first to take advantage of these new capabilities in the future. Tenner also noted that further production orders received for first-generation sensing materials will be in parallel with this JDA, demonstrating Nanoco's ability to be a robust partner in complex electronics supply chains.

The announcement also contained forward-looking statements and contact information for further inquiries. Nanoco Group PLC is a nano-material production company specializing in the production of patented cadmium-free quantum dots (CFQD®) and other patented nano-materials for use in the electronics industries. Founded in 2001 and headquartered in Runcorn, UK, Nanoco continues to build out a world-class, patent-protected IP portfolio alongside the scaling of production for commercial orders.

This comprehensive summary covers the key details of Nanoco Group PLC's recent announcement, providing insights into the Joint Development Agreement with STMicroelectronics and the potential impact on the company's financial performance and service capabilities.