Nano One Materials Corp (TSX:NANO, OTC:NNOMF) said it finished the third quarter of 2022 with working capital of C$45.8 million and cash of $45.9 million, plus it was granted two additional patents.
The Vancouver, BC-based company said it ended the quarter with total assets of $59.1 million, down slightly from 2Q’s assets of $60.7 million, and dropped its total liabilities to $1.3 million from 2Q’s $1.5 million.
Cash expenditure on operations and strategic efforts rose to $2 million from 2Q’s $800,000. Gross expenditures on research activities was $1.7 million, up from 2Q’s $1.6 million, according to the clean tech company.
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Primary sources of cash during Q3 included $1.8 million from government programs, $405,000 in interest income, and $237,000 in exercises of stock options and warrants, the company said.
The company also said it hit a number of milestones in 3Q 2022.
In September, the company and Euro Manganese Inc (ASX:EMN, TSX-V:EMN, OTCQX:EUMNF) announced joint demonstration of cathode materials made directly from Euro Manganese’s electrolytic manganese metal using Nano One's One-Pot process. Nano One said its patented process enables cathode materials to be made directly from metals and lithium carbonate, for reduced complexity, cost, and environmental footprint.
The two companies are jointly developing economically viable and environmentally sustainable applications of high-purity electrolytic manganese metal as one of several inputs for the production of cathode active materials used in lithium-ion batteries.
In August, the company said it was granted two additional patents in Japan and the receipt of approximately $1.8 million in non-dilutive, non-repayable contributions from Sustainable Development Technology Canada and the British Columbia Innovative Clean Energy fund for milestone four of its scaling advanced battery materials project.
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