Shares of Nanoco Group are gaining Friday after it said it has signed an agreement with “an important European electronics customer” for the delivery of an enhanced version of its technology.
The company said the additional delivery supports its revenue expectations for FY22, which is consistent with the £2 million of revenue generated in FY21.
The revenue from this third work package will contribute to Nanoco's performance in the first half of FY22.
Nanoco shares climbed to a high of 22p earlier in the session. However, they are currently trading at 21.3p, up 2.26% from Thursday's close. It adds to Nanoco's over 100% year-to-date gains.
Brian Tenner, Nanoco's CEO, said: “This is an important next step in our electronics materials' development project with this Customer. Each successful delivery of work package milestones takes us closer to potential product validation and commercial production orders in the short to medium term.
“Favourable trends continue in significant global sectors utilising infra-red sensors. Our confidence in the viability and applicability of Nanoco's nano-materials grows steadily as we advance through each development stage, subject to final customer adoption of the technology in end use devices.”
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