NANOTECH company Nanoco has said it is closer to commercial production than any other time in its history as it uses the proceeds of a legal battle with Samsung "to generate further value from its IP."

The Manchester-based firm makes cadmium-free quantum dots, a vital part of a host of anticipated technological development.

In a trading update published yesterday, the 20 year old Londonlisted firm said it has expanded its workforce and made "significant progress" with a European and major Asian supply chain customer as it pursues possible IP infringers.

The firm said it now expects to enter commercial production by the "end of this calendar year".

Nanoco expects unaudited revenues of £5.6m when it releases final full year results in October, more than double than last year.

It comes after the tech firm reached a $150m (£117.5m) settlement with Samsung in February, after Nanoco accused the Korean tech giant of using its quantum dot technology in its products without permission.

Nanoco non-executive chairman Dr Christopher Richards said: "The litigation proceeds allow us to drive the organic business forward while underpinning our firm commitment to return up to £40m of cash to shareholders in early 2024."

(c) 2023 City A.M., source Newspaper