Nano One Materials Corp (TSX:NANO, OTC:NNOMF) announced that it has commenced a feasibility study for a 25,000 tons per annum lithium iron phosphate (LFP) plant which the company said would support it in securing customer offtake agreements, feedstock supply and future project funding.
The company said that through a competitive bidding process it chose BBA to complete the study due to their proven expertise in supporting Nano One’s 200 tons per annum pilot plant.
"Nano One is pleased to announce it has commenced a feasibility study for its first commercial plant. This plant design will also form the basis for our turn-key Design-Once-Build-Many strategy to address the broader LFP market," Nano One’s chief commercialization officer Denis Geoffroy said in a statement.
"The study will provide us with an optimal production line layout and maximum utility of key equipment. Furthermore, this study will examine a ready to duplicate design, to address our mid-to-longer-term objective of deploying multi-line facilities under license or joint venture (JV) with partners in Asian, Indo-Pacific, North American and European jurisdictions."
The company noted that it continues to engage with provincial and municipal governments to identify potential sites for its first LFP plant in Québec and Ontario.
Meanwhile, at its Candiac pilot plant facility, the company has confirmed orders for approximately 1.3 tons of LFP samples for commercial evaluation and collaboration.
It said sample evaluation by potential off-takers has been positive and there is significant interest in validating its LFP product at scale for future offtake.
Nano One said its top priorities for 2024 are completing the feasibility study, carrying out product validation and securing customer offtake and feedstock agreements, which it said are “fundamental” for project financing.
While it has no immediate plans to issue securities, the company has filed a preliminary base shelf prospectus to ensure flexible and efficient access to capital markets if required.
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.