Nanoco Group PLC, a developer of cadmium-free quantum dots, announced a settlement agreement with LG Electronics Inc. resolving a patent infringement lawsuit.
The agreement stipulates that LG will pay Nanoco a gross amount of $5 million. After deducting litigation costs of approximately $0.6 million, Nanoco will realize a net gain of $4.4 million. Other terms of the settlement remain confidential.
Nanoco announced the patent infringement lawsuit against LG in April, alleging infringement of several U.S. patents related to its quantum dot synthesis technology. The patents in question were U.S. Patent No.’s: 7,588,828; 7,803,423; 7,867,557; 8,524,365.
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This settlement removes a significant legal uncertainty hanging over Nanoco.
The markets will likely focus on how Nanoco intends to deploy this capital. Potential uses include reinvestment in research and development, strengthening their patent portfolio, or pursuing new market opportunities.
The settlement also sets a precedent for Nanoco’s willingness to defend its intellectual property, which could deter future infringement.
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