Listed Manchester spinout company Nanoco has made several organisational changes as it looks to scale the commercialisation of its technology.
Nanoco Group plc, headquartered in Runcorn, develops and manufactures cadmium-free quantum dots and other nanomaterials. These are used in monitors, TVs and infra-red sensors.
The firm said last year that it was cutting jobs in an attempt to preserve cash as it explores a sale via financial advisor CDX Advisors, but added that its considerable financial resources – in 2023 it won $150m in a legal dispute with Samsung – meant growth within the trading business would continue to be supported.
The company confirmed to 老九品茶Cloud that it was still working with CDX Advisors on a sale of its operating business, which includes its intellectual property and employees, and that any potential deal would not require a shareholder vote.
The repositioning – intended to reduce the group’s annualised cash cost base by 拢2.6m, equivalent to 34% – followed a strategic review triggered by the end of a contract with major European customer ST Microelectronics, which had changed its strategic focus away from QD-enabled infra-red sensors. The company confirmed that this is being executed, with the focus now on 鈥榚xecuting commercial growth鈥�.
Following the appointment of a new CEO in Dmitry Shashkov in October, Jai Subramanian joined as global business director in December.聽
With over 20 years of experience in semiconductors, specialty materials and advanced coatings, Subramanian has a strong track record in global business transformation and growth, P&L management, and strategic market expansion across the USA, Europe and Asia. He joined from Soleras Advanced Coatings, where he was general manager for the USA and global business director.聽
Last month Jalal Bagherli CBE (pictured, main image) was appointed chairman of the board. A highly respected figure in the semiconductor industry, Bagherli has worked with some of the world鈥檚 largest brands in the electronics sector.聽
The former CEO of Dialog Semiconductor, his contributions to the industry were recognised with a CBE for services to technology in the latest New Year’s Honours list. He currently serves as co-chair of the UK Semiconductor Policy Advisory Panel.
鈥淲ith a world-class technology platform and a strengthened leadership team, Nanoco is now poised to deliver on its commercialisation strategy,鈥� said Bagherli.聽
鈥淲ith Dmitry and Jai on board, I look forward to seeing progress on the commercial front. We are focused on accelerating engagement with customers and investors and scaling our breakthrough quantum dot technology into high-value applications.鈥�
Subramanian added: 鈥淣anoco has a unique opportunity to commercialise its breakthrough quantum dot technology at scale.聽
鈥淚ts leading R&D and installed production capacity, supported by a validated IP portfolio in a fully funded business, form a rare and strong foundation. I鈥檓 excited to work alongside our global partners and customers to bring Nanoco鈥檚 technology to market and create lasting value.鈥�