IQE acquires British lighting material company NanoGaN

The acquisition of NanoGaN will help IQE accelerate the pace of market launch of advanced Blu-ray/Green-light semiconductor lasers and solid-state lighting products.

SAN JOSE, Calif. -- IQE, a leading manufacturer of epitaxial wafers and substrates for the photovoltaic, solar and LED lighting markets, today announced the acquisition of NanoGaN, a startup in the UK that specializes in GaN technology.

The transaction amounted to 3.6 million pounds (about 5.76 million US dollars), mainly due to the patented technology applied by NanoGaN. The initial £400,000 will be paid by issuing shares and cash, and the remaining amount of IQE will have the right to choose stocks or cash to pay.

NanoGaN currently has a range of processes and key intellectual property (IP) related to GaN materials and devices, including "NanocolumnTechnology" for the production of GaN substrates. These technologies are critical for the production of blue and green semiconductor lasers and ultra-high brightness LEDs (for solid state lighting).

IQE will assist NanoGaN in the commercialization of the final product, and finally introduce this technology into its factory for mass production. It is expected to start selling in 2010.

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