Nano One Materials Corp (TSX:NANO, OTC:NNOMF). has announced the award of $10 million in non-dilutive, non-repayable contributions from Sustainable Development Technology Canada (SDTC).
The clean technology company said the funds will support the conversion of its recently acquired Candiac facility to the patented One-Pot Process for industrial-scale pilot production of lithium iron phosphate (LFP).
SDTC's continued support has been an important contribution to Nano One's success and will accelerate the LFP piloting while advancing the plan towards commercial operations, it added.
"These funds will help us fast track the conversion of North America's only LFP plant to Nano One's patented One Pot Process," said Nano One CEO Dan Blondal in a statement.
READ: Nano One Materials updates on reorganization and transformation of Candiac facility to the One-Pot process
The SDTC project also includes financial support for the design, construction, and operation of a multi-cathode piloting hub (MCPH) to help customize and advance Nano One's One-Pot and metal-direct-to-CAM (M2CAM) processes for the industrial scale pilot production of next-gen LFP, NMC and LNM cathode active materials (CAM).
These processes are being developed independently by Nano One and jointly with global cathode partners1,2 and various automotive collaborators for future licensing, joint venture and independent production opportunities. Nano One will lead the project with valuable contributions from consortium partners Rio Tinto, Lithion Battery Inc., and an undisclosed automotive OEM3.
"This will showcase world-class cathode materials, made right here in Canada, and differentiated on a global scale by driving down costs, energy intensity and environmental footprint. It will enable joint development, industrial scale piloting and customer validation of LFP, NMC and LNM CAM, and it will help accelerate licensing and offtake while shortening the journey to revenue, full-scale commercial demonstration and wide-scale expansion," stated Blondal.
“This aligns well with Nano One's mission to maximize shareholder value, create prosperity in Canada, and secure supply chains for the North American lithium-ion battery ecosystems. It does so by leveraging our recent acquisition in Candiac, and by setting the stage for high-quality resilient business opportunities that will promote steady growth into the future."
The project, named ‘Pre-Commercial Trial and Multi Cathode Piloting Hub’, will be multi-phase, multi-year and milestone driven. This follows two other successful Nano One SDTC projects 4,5 which assisted in demonstrating the One-Pot process at small pilot scale production volumes and advanced the technology to this point of pre-commercial trials.
"We thank SDTC, the government of Canada and our consortium members for their continued support. It adds strength for Nano One and our valued shareholders as we pursue the advancement and commercialization of our technology. We are aligned with government in creating supply chains that are competitive, resilient, and differentiated with minimal waste, cost, energy, water usage and security issues. Our Candiac facility will be a launch-pad for a new generation of scalable cathode materials and sustainable supply chains," said Blondal.
Leah Lawrence, CEO of SDTC, added: "As the global electric vehicle (EV) market continues to grow, ensuring a reliable supply of EV batteries is essential to Canada's economic competitiveness. Nano One's innovative cathode active materials (CAM) manufacturing process will ensure a cleaner and efficient battery supply chain here at home in Canada and North America as well. SDTC is proud to continue our support for Nano One as it enters its next stage of growth."
Minister Francois-Philippe Champagne, Minister of ISED, commented: "Canada is moving aggressively to seize the economic opportunities from critical minerals mining, refining, and manufacturing. We are committed to leveraging our competitive advantages-abundance of critical minerals, skilled labour, clean energy, proximity to markets-to achieve this goal. Canada's innovation ecosystem is another key advantage, and we must harness revolutionary technologies that drive innovation in this space. To that end, we're proud to support Nano One as they change the way battery materials are made, reducing the cost and environmental footprint of electric vehicle batteries, and advancing made-in-Canada innovation."
Nano One is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. Its technology is applicable to electric vehicles, energy storage, consumer electronics and next generation batteries in the global push for a zero-emission future.
Contact the author at jon.hopkins@proactiveinvestors.com