Runcorn nano-material firm Nanoco Group plc announced that it has submitted a joint motion with Shoei Chemical Inc. and Shoei Electronic Materials, Inc. to stay the ongoing litigation between Shoei and Nanoco following a binding term sheet being agreed between the parties.

The term sheet details that no compensation will be payable by either party, and both parties will be responsible for their own costs incurred.

“Pursuant to the term sheet, among other things, Nanoco covenants not to sue Shoei, its customers, and suppliers for use of Nanoco’s Quantum Dot (QD) patents for the display field, and Shoei covenants not to sue Nanoco, its customers, and suppliers for use of Shoei’s QD patents for the sensing field,” said Nanoco.

“The parties have agreed in good faith to negotiate an agreement reflecting the term sheet as well as other deal terms. All other terms of the term sheet are confidential.”