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Nanoco Rises a Third Day After Payments From Japan Clients

April 6 (Bloomberg) -- Nanoco Group Plc, a U.K. maker of nanocrystals for solar cells and light-emitting diodes, is headed for its biggest three-day gain since October after meeting milestones and signing agreements with Japanese customers.

The shares climbed 5.2 percent to 86.25 pence as of 3:15 p.m. in London, bringing the gain to 12 percent since April 1. The unprofitable company yesterday said it signed a product development agreement that provides an initial payment of $800,000 from “a major Japanese electronics company.”

Nanoco said on April 1 it successfully produced the 1-kilogram (2.2 pound) batch of red cadmium-free quantum dots specified by a major Japanese corporation, which trigged a $2 million payment to Nanoco by the unidentified company.

Nanocrystals, also known as quantum dots, are tiny semiconducting particles with different optical properties than traditional semiconductors. Their development stirred investor interest as manufacturers promoted them for uses ranging from solar cells and human diagnostic imaging to anti-counterfeiting of consumer goods and airborne pollutants detection.

Nanoco shares have fallen about 16 percent this year, leaving the Manchester-based developer with a market value of 177 million pounds ($288 million).

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

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