Nano One Materials Corp (TSX:NANO, OTC:NNOMF) told investors it ended its fiscal third quarter with a strong cash position, bolstered further by a recent strategic investment and collaboration agreement with Sumitomo Metal Mining Co. (SMM).
Reporting back for the three months to September 30, 2023, the clean technology company said in a statement that it ended the quarter with $26 million in cash, which increased to $43 million following SMM’s investment.
Working capital amounted to $22 million as of September 30, swelling to $39 million post the SMM transaction.
Nano One also highlighted the completion of a pre-feasibility study for its One-Pot lithium iron phosphate (LFP) production lines and the delivery of samples to customers after it (LFP) at a commercial scale at its Québec plant.
The company said it is actively exploring site locations for its expansion plans, including but not limited to its existing site in Candiac, Québec. It is engaged with governments in various jurisdictions where access to financial incentives and technology attraction programs could further increase shareholder value and stakeholder interests.
Also, its annual budgeting planning activities are underway, with a base shelf prospectus to be filed following standard company governance practices to fund its expansion plans.
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