Nano One Materials Corp (TSX:NANO, OTC:NNOMF) CEO Dan Blondal joined Proactive to discuss an exciting financial milestone for the company, securing $18 million in funding from the government of Quebec.
He highlighted that this funding complements the $18 million investment Nano One received from the US Department of Defense.
Both financings will support the company’s Candiac plant near Quebec, the only LFP facility outside of Asia.
Proactive: Exciting news about the company securing $18 million in financing from the Quebec government. Obviously, you’re in an industry where such grants are available, and this is a sizable one.
Dan Blondal: It is indeed. This financing matches and complements the $18 million we secured from the US Department of Defense just two months ago, also in Canadian terms.
Tell us about this funding and its sources.
It’s an $18 million package, with $15 million as a loan and $3 million as a grant. It’s partially funded by the Ministry of Mines and Environment and Technoclimat, which focuses on environmental and greenhouse gas initiatives.
What will this additional funding allow you to achieve?
This funding, along with the US Department of Defense financing, is mainly for our Candiac plant near Quebec. It’s the only LFP plant outside Asia. We initially decommissioned and recommissioned it for 200 tons capacity. These funds will scale it up to 600,000 tons per year. This involves automating and upgrading the plant to support piloting, demonstration, and production.
Can you provide an update on the progress at Candiac?
We’ve already invested significantly in existing reactors, which align with the Quebec government’s funding objectives. The funding is retroactive for the last two years of expenses and extends for an additional year or so. This project is about halfway through, with significant automation and scaling work underway.
How does this funding support your long-term goals?
It’s a fantastic opportunity. We have a five-year repayment window on the loan. This funding strengthens our cash flow and helps us focus on our licensing and production strategies. The goal is to sample products for potential partners and set the stage for future revenues and scaling operations.
Does this extended runway position the company for 2025?
Absolutely. We are gearing up for 2025 as a pivotal year. These efforts will enable us to demonstrate technology on full-scale equipment, solidify partnerships, and advance our licensing and production strategies.
Quotes have been lightly edited for clarity and style