Nano One Materials Corp (TSX:NANO, OTC:NNOMF) told investors it has received the final contribution of $803,300 from Sustainable Development Technology Canada (SDTC) and the Government of British Columbia’s Innovated Clean Energy (ICE) Fund after completing its second SDTC project.
The Vancouver-based clean technology company noted that the success of the second project led to a third SDTC-funded project, which is expected to provide an additional $10 million in non-dilutive funding.
Nano One said support for its Scaling of Advanced Battery Materials Project was awarded by SDTC in May 2019 and completed in January 2023. Total government contributions amount to $8.25 million, with $5.25 million from SDTC and $3 million from the ICE Fund.
The final $803,300 contribution represents a 10% holdback that is awarded once all successful commitments and reporting requirements have been achieved, the company added.
"SDTC has been an important contributor to Nano One over the years and has been instrumental in propelling us to where we are today,” Nano One CEO Dan Blondal commented in a statement.
"Their funding for this project provided the means to execute our business plans and aided in securing additional support from the capital markets and from various strategically interested parties.”
Scaling One-Pot process
Nano One said the funded project helped it accelerate significant advances in scaling its One-Pot process for lithium iron phosphate (LFP), specifically in preparation for pilot and industrial scale production at its recently acquired facilities in Candiac, Québec.
The project enabled 10-kilogram (kg) batches of One-Pot LFP and greater for third-party evaluation that have since led to trials in the company's Candiac facility that are exceeding 1000 kg (1 tonne).
The project also supported the development of Nano One's innovative metal-to-cathode-active-materials (M2CAM) technology, which simplifies the supply chain and enables the use of metal powders instead of environmentally problematic metal sulphates.
"The financial support from SDTC and the ICE Fund has enabled us to further attract and retain industry-leading experts with science, engineering and business backgrounds,” Nano One senior vice president of People and Culture Kelli Forster added.
“We have the most experienced LFP production team in North America and by pairing this with our innovative culture, we are setting the stage to change how the world makes battery materials.”
Nano One Materials Corp is a clean technology company with patented processes for the production of lithium-ion battery cathode active materials (CAM) that enable secure and resilient supply chains by driving down cost, complexity, energy intensity, and environmental footprint.
Contact the author at stephen.gunnion@proactiveinvestors.com