Apple Cancels Contract in Manchester
Apple cancels multi-pound contract with Manchester-based technology company Nanoco.
18:41 01 July 2019
Manchester-based technology company Nanoco has lost three quarters of its value over the cancellation of its multi-pound contract with Apple.
The company, which specialises in quantum dot technology, announced last week that a major customer had cancelled a project tied to a lucrative supply contract. Various reports confirmed that the client was Apple and that the firm abandoned work on a next-generation camera on its iPhones.
Apple had previously planned to use Nanoco’s technology for an advanced image sensor for its phone cameras, sources have claimed.
In 2018, Nanoco confirmed its deal with a “large, undisclosed US listed corporation.” In January, it said that it extended the contract to cover stress testing and refinements.
Following the cancellation of the £17.1million deal, Nanoco’s value dropped from £93m to £24million, although it has slightly recovered since.
Nanoco’s cadmium-free QDs are designed to enhance picture quality of large-format screens like high-definition TVs. They can also be used in improving image quality and assisting in the roll-out of advanced augmented reality features.