Nanoco shares jump 40% as it agrees settlement with Samsung

Nanoco Shares rose 40 percent after it revealed it had reached a settlement with Samsung over a long-running legal battle over an alleged patent infringement.

The case was due to be heard in US courts today, but the British tech minnow said the two sides have now reached a “no fault settlement” and have 30 days to agree on the detailed terms of a binding agreement.

Manchester-based Nanoco alleged that the South Korean telecoms group, best known for its mobile phones and televisions, stole its unique patented techniques to make small specialty semiconductors.

Nanoco claims that Samsung has subsequently used these components, known as quantum dots, in its new range of high-tech QLED TVs.

The two companies previously worked together on the development of the quantum dots, but eventually Samsung ended the collaboration.

Nanoco, which emerged from Manchester University, recently launched legal proceedings in Germany to ban the sale of Samsung QLED TVs.

Nanoco claims it is potentially owed hundreds of millions of pounds from past and future sales. Samsung denies the allegations.

The groups have jointly requested that the process be postponed to allow time to finalize this agreement.

“The company expects to provide further updates on the completion of the final binding agreement within the next 30 days,” Nanoco told investors today.

A settlement would end a long-running lawsuit, which was filed in early 2020.

AIM listed Nanoco Shares were up 37 percent at 57p during Friday afternoon trading. They’re up 200 percent in the past year.