Nano One Materials Corp (TSX:NANO, OTC:NNOMF) has reported a reduction in cash spent on operating activities over the first quarter, before it signed a new licensing agreement with Worley.
Less was spent over the quarter than a year earlier, the clean technology company said on Wednesday, leaving cash on hand at US$23.1 million as of March.
Some US$21.2 million was available for working capital, Nano One added, while assets totalled US$41.1 million.
Nano One highlighted the new agreement with Worley, signed in early May, to deploy its One-Pot-enabled cathode plant design.
This will see the duo develop a modular process for Nano’s One-Pot cathodes, used in lithium-ion batteries.
“The One-Pot enabled cathode active materials (CAM) package will be marketed, sold, and deployed to a wide range of customers in North America, Europe, the Indo-Pacific and other regions,” the company said.
“The CAM package is expected to reduce risk and cost, while accelerating the timeline to project certainty and financial investment decision.”
Nano One added total liabilities stood at US$5.3 million as of March, with none of this representing long-term debt.
Work will continue to generate product sales and first revenues over the coming years, Nano One noted, including through feasibility studies on plans to develop a 25,000 tonne per annum plant, securing offtake agreements and increasing capacity at its Québec site.