LONDON--Nanoco Group PLC (NANO.LN) Friday said it has received its first royalty payment from Dow Chemical Company (DOW) after Dow sold Nanoco's cadmium-free quantum dots from its plant in Cheonan, South Korea, during the first three months of 2016.

The developer and manufacturer of cadmium-free quantum dots and other nano-materials said that even though this first royalty income is modest it marks an important milestone the sale of its technology.

Shares at 0800 GMT up 1 pence, or 2.6%, at 39 pence valuing the company at 92 million pounds ($131 million).

Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

(END) Dow Jones Newswires

April 29, 2016 04:18 ET (08:18 GMT)

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