Nano One Materials Corp (TSX:NANO, OTC:NNOMF) said it has successfully completed the evaluation and benchmarking of its process, cathode materials and techno-economic modeling, under an agreement with a global automotive manufacturer.
The parties have a new Cathode Evaluation Agreement that adds lithium ferro-phosphate to the program, expanding their collaboration to target performance, cost and environmental specifications of cathode materials to meet the needs of original equipment manufacturers. Financial terms towards the project are confidential.
"Nano One has successfully demonstrated that its unique M2CAM One-Pot process has the potential to significantly reduce process cost and eliminate waste while meeting performance targets for both its nickel rich and cobalt free materials,” Nano chief technology officer Dr Stephen Campbell said in a statement.
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“Our M2CAM technology can use lithium carbonate or lithium hydroxide and uses metals instead of metal sulfates. This makes it cost and capital competitive, it reduces steps in the supply chain, it lowers water usage by approximately 60% and it eliminates a large and environmentally wasteful amount of sodium sulfate by-product."
The parties jointly evaluated Nano One's NMC cathode materials for use in automotive lithium-ion batteries, demonstrating significant potential to reduce environmental footprint, capital costs and operating costs while meeting performance criteria.
As part of the initial evaluation project, a third-party study, conducted by engineering firm Hatch Ltd., outlined that Nano One's patented One-Pot and M2CAM processes offer significant environmental benefits and cost advantages when compared to conventional cathode processes.
Nano One said its technology could prevent over 2 billion kilograms of wasteful sodium sulphate by-product, for every 15 million electric vehicles or for each terawatt-hour of battery production.
“We share a common vision with our automotive partner to drive down cost, complexity and environmental footprint in the EV cathode supply chain, and we are now developing a roadmap for our collaborative efforts to fulfill this vision," added Andrew Muckstadt, VP of Business Development for Nano One.
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.
Contact the author at jon.hopkins@proactiveinvestors.com