Nanoco Group plc (AIM: NANO), announces that it has signed a joint development agreement with one of the world's largest lighting companies which is already a major producer of LED lights.

The objective of the development agreement is to incorporate Nanoco's cadmium-free quantum dots (CFQDTM) into the lighting company's LEDs to create LED lighting with superior performance characteristics.

LED lighting has many advantages over traditional lighting - including long service life, reduced power consumption, compact size and shock resistance - but its colour performance is one factor that has limited its adoption. Nanoco's quantum dots have been shown to overcome this limitation, opening up the possibility of the widespread use of LED lighting in commercial, residential and other settings.

The 12 month agreement with the lighting company is expected to be followed either by further development work or by proceeding to product launch. The financial details of the agreement are not being disclosed.

Michael Edelman, Nanoco's Chief Executive Officer, said: "I'm delighted to sign this agreement with one of the world's largest lighting companies. We believe that our technology has the potential to unlock the widespread use of LED lighting in offices, homes and elsewhere because we can deliver the required colour performance."