Clean technology and battery materials pioneer Nano One (TSX:NANO/FRA:LBMB) reported that it has reached milestone 2 of the Scaling Advanced Battery Materials project jointly funded by Sustainable Development Technology Canada (SDTC) and the British Columbia Innovative Clean Energy (ICE) fund.
Consequently, the advance funding for project milestone 3, in the amount of $1,652,859 – $1,095,057 from SDTC and $557,802 from the ICE fund – has been released to the company.
Next generation battery technology play
Nano One is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. The technology is applicable to electric vehicle, energy storage, consumer electronic and next generation batteries in the global push for a zero-emission future.
Nano One’s One-Pot process, its coated nanocrystal materials and its Metal to Cathode Active Material (M2CAM) technologies address fundamental performance needs and supply chain constraints while reducing costs and carbon footprint.
Nano One is currently on The Armchair Trader’s list of venture stocks to watch. It controls patented and cutting edge technology that can not only support the development of more efficient batteries, but also has major implications for sustainable supply lines.
“Within milestone 2, Nano One has strengthened our process for both Lithium Iron Phosphate (LFP) and Nickel Manganese Cobalt (NMC) cathode materials.” said Dan Blondal, the CEO of Nano One, “Nano One’s capabilities and capacity have also significantly increased in this milestone through the addition of staff and equipment and the tripling of our laboratory, pilot and office facilities. Nano One is now focused on milestone 3 which involves economic modeling and scaled up demonstration of both LFP and NMC.”
All funds are non-dilutive and non-repayable. The project involves a number of consortium and strategic partners and has a combined funding of $8.2M over 4 milestones.
Listen: Podcast with Dan Blondal, CEO of Nano One
Nano One to play role in development of Canadian EV sector
Since its inception, SDTC has invested nearly $1.4 billion in more than 450 Canadian companies, creating nearly 17,000 jobs. These companies have reduced greenhouse gas emissions by an estimated 22.4megatonnes annually.
SDTC’s efforts have been focused on small- and medium-sized enterprises, recognizing that this is where it can make the biggest impact. Its funding gives companies the critical boost they need to advance their projects in the challenging stages of pre-commercial development and demonstration.
The ICE Fund is a Special Account, funded through a levy on certain energy sales, designed to support British Columbia’s energy, economic, environmental and greenhouse gas reduction priorities, and to advance its clean energy sector. Since 2008, the ICE Fund has committed approximately C$110 million to support pre-commercial clean energy technology projects, clean energy vehicles, research and development, and energy efficiency programs.
On March 13, 2017, British Columbia announced a joint call partnership with Sustainable Development Technology Canada to support the development of pre-commercial clean energy projects and technologies.