Nano One Materials Corp. TSX:NANO, a process technology company specializing in lithium-ion battery cathode active materials has reported total net assets and working capital of C$25.5 million and C$24.8 million, respectively. Cash and cash equivalents were $27.8 million.
Nano One is a technology company changing how the world makes cathode active materials for lithium-ion batteries. The company’s applications include stationary energy storage systems (ESS), portable electronics, and electric vehicles (EVs).
Nano One’s patented One-Pot process reduces costs, is easier-to permit, lowers energy intensity, environmental footprint, and reliance on problematic supply chains.
Strong government program support
In Q1 2025, Nano One reported total proceeds of C$26.5 million received between a real estate sale and leaseback transaction (net proceeds of C$13.7 million), and drawdowns on government programs of C$12.8 million. Approximately C$29 million remains in reimbursements to claim over the coming two years from contracted government programs.
Nano One also reported net income of C$2.7 million for Q1 2025 which was driven by the recognition of certain government grants within other income as well as the gain recognized on the sale and leaseback transaction.
Total assets includes the initial recognition of a C$2.0 million loan receivable during Q1 2025 relating to the sale and leaseback transaction. The loan receivable is repayable in two installments to the company in three and six years from the date of issuance.
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Total liabilities includes the initial recognition of a C$13.8 million lease liability during Q1 2025 associated with the sale and leaseback of the company’s Candiac facility.
Additionally, a government loan was initially recognized amounting to C$2.8 million which represents a portion of the C$7.5 million in funding received from the Government of Québec through its mandated organisation Investissement Québec.
Government grant at below market rate
The remainder is being recognized in other income as a government grant representing the below-market rate interest benefit associated with the loan. The loan is repayable by Nano One, less any portion forgiven by IQ, after an initial five year moratorium and subsequently in monthly installments over the course of the next five years.
On 28 February 28 the transaction to sell and leaseback the building and land at Nano One’s Candiac Facility closed for a net consideration of approximately C$15.7 million (C$13.7 million in net proceeds plus a C$2.0 million deferred payment in the form of a vendor loan).
Nano One is helping to drive energy security, supply chain resilience, industrial competitiveness and increased performance through process innovation. The technology’s scalability is proven and being demonstrated at Nano One’s LFP (lithium-iron-phosphate) pilot production plant in Québec, leveraging the only facility and expertise of its kind outside of Asia.
