Nano One TSX:NANO, the Canadian process technology company which specialises in lithium-ion battery cathode active materials, has reported total net assets and working capital were C$21.4 million and C$5.5 million, respectively at the end of 2024.
In Q1 2025, total proceeds of C$26.5 million were received between a sale and lease back transaction (net proceeds of C$13.7 million), and drawdowns on government programs of C$12.8 million.
Nano One: changing the manufacture of cathode active materials
Nano One Materials Corp is a technology-engineering company which is changing how the world makes cathode active materials for lithium-ion batteries. Its 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. It is helping to drive energy security, supply chain resilience, industrial competitiveness and increased performance through process innovation.
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Scalability has been proven and is 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.
Strategic collaborations and partnerships
Strategic collaborations and partnerships with international companies like Sumitomo Metal Mining, Rio Tintov LON:RIO, and Worley are supporting a design-one-build-many licensing growth strategy which is delivering cost-competitive, easier-to-permit and faster-to-market battery materials production solutions world-wide.
Nano One has also received funding from the Government of Canada, the Government of the United States, the Government of Québec, and the Government of British Columbia.
These programs support Nano One’s engineering, capacity expansion, demonstration, and commercialization at its LFP plant in Candiac, Québec. It also has approximately C$29 million in reimbursements remaining to claim over the coming two years from its contracted government programs and continues to collaborate with governments on new programs.
Progress with Worley Chemetics alliance
Nano One has also provided a progress update on its Worley Chemetics – the Nano One Strategic Alliance. This included a jointly conducted cost comparison confirming the economic advantages of Nano One’s One-Pot process for LFP. In addition, the preliminary design and full-scale layout of the modular “Design One, Build Many” plant is complete and being marketed with the cost comparison study to prospective clients.
On February 28 Nano One closed a transaction to sell and lease back its building and land at its Candiac facility for 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) after a lease security deposit and transaction costs.
This transaction significantly strengthens the company’s cash balance while ensuring long-term operational stability in the province of Québec through executing a 15-year lease agreement on the building with renewal provisions for up to an additional 15 years. The carrying value of the assets subject to the sale and lease back was approximately C$6.5 million.
