Nano One Materials Corp (TSX:NANO, OTC:NNOMF) ended the second quarter of 2024 with a working capital position of $13.2 million to advance its sustainable battery initiatives.
Its second quarter was highlighted by strategic partnerships, new funding, and a strong financial position, according to a statement from the company.
During the quarter, Nano One announced a Strategic Alliance and License Agreement with Worley, a global leader in engineering and sustainability solutions. This partnership aims to accelerate the development and commercialization of Nano One's innovative battery materials, leveraging Worley’s expertise in sustainable engineering.
In a major funding boost, Next Generation Manufacturing Canada (NGen) awarded Nano One and Worley Chemetics $2.8 million through the Electric Vehicle Manufacturing Program (EVMP). The non-dilutive, non-repayable funding is set to support the development of advanced materials for electric vehicles, reinforcing Nano One's position in the growing EV market.
Subsequent to the end of the Q2 period, Nano One entered a definitive agreement to sell vacant land in Candiac, Quebec, for $5 million. The sale will provide additional non-dilutive gross proceeds, strengthening the company’s financial position.
As of the end of Q2 2024, Nano One reported total net assets of $30.8 million, with a working capital of $13.2 million.