Dotz Nano Limited (ASX: DTZ, ADRS-OTCQX: DOTZY) (“Dotz” or “Company”), a leading developer of innovative climate and industrial nanotechnologies, today announced its financial results for the 12 months ended 31 December 2023 (“FY23”).
FY23 Financial Year Highlights
-- Executed strategic acquisition of carbon dioxide (CO2) capture technology, DotzEarth; augments Dotz’s existing nanotechnology authentication solution, DotzShield;
-- Successfully completed the transfer of the DotzEarth technology from Rice University;
-- Submitted patent application covering an optimised manufacturing and scale-up process for DotzEarth;
-- Advanced the development of DotzEarth through strategic collaboration with SINTEF1;
-- Strengthened executive leadership team and the Board with highly experienced leaders and climate technology industry experts;
-- Successfully completed industrial-scale field trials for DotzShield led by a leading NASDAQ-listed oilfield technology and services provider and progressed commercial discussions;
-- Raised US$2.6 (AU$4) million in August 2023 via private placement to fund growth initiatives;
-- Cash balance as at 31 December 2023 of US$1.3 million; net loss for the full year of US$6.6 million and operating loss of US$5.5 million;
-- Post the reporting period, on 5 February 2024, secured strategic funding agreement of up to US$8.2 (AU$12) million with Mercer Street Global Opportunity Fund, LLC (Mercer), a US-based investment fund, to support the development of DotzEarth.
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