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Nano One receives further $10m award from Canadian government

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Battery materials technology specialist Nano One [TSX:NANO] is to receive an award of $10 million in non-dilutive, non-repayable contributions from Sustainable Development Technology Canada. These funds will support the conversion of Nano One’s recently acquired Candiac facility to the patented One-Pot Process for industrial-scale pilot production of lithium iron phosphate (LFP).

Nano One said SDTC’s continued support has been an important contribution to the company’s success and will accelerate the LFP piloting while advancing the plan towards commercial operations.

The SDTC project also includes financial support for the design, construction, and operation of a multi-cathode piloting hub to help customize and advance Nano One’s One-Pot and metal-direct-to-CAM (M2CAM) processes for the industrial scale pilot production of next-gen LFP, NMC and LNM cathode active materials. These processes are being developed independently by Nano One and jointly with global cathode partners, and various automotive collaborators for future licensing, joint venture and independent production opportunities.

Nano One said it will lead the project with contributions from consortium partners Rio Tinto, Lithion Battery Inc., and an undisclosed automotive OEM.

“These funds will help us fast track the conversion of North America’s only LFP plant to Nano One’s patented One Pot Process,” said Nano One CEO Dan Blondal. “This will showcase world-class cathode materials, made right here in Canada, and differentiated on a global scale by driving down costs, energy intensity and environmental footprint. It will enable joint development, industrial scale piloting and customer validation of LFP, NMC and LNM CAM, and it will help accelerate licensing and offtake while shortening the journey to revenue, full-scale commercial demonstration and wide-scale expansion.”

Blondal said the award aligns well with Nano One’s mission to maximise shareholder value, create prosperity in Canada, and secure supply chains for the North American lithium-ion battery ecosystems.

Why the new project is so important

The new project is named Pre-Commercial Trial and Multi Cathode Piloting Hub, and will be multi-phase, multi-year and milestone driven. This follows two other successful Nano One SDTC projects, which assisted in demonstrating the One-Pot process at small pilot scale production volumes and advanced the technology to this point of pre-commercial trials. This project also leverages Nano One’s recent high-value acquisition of the Johnson Matthey LFP business in Candiac, Québec, last year.

It amplifies the opportunity for global LFP business expansion and is further validated by the support of the Canadian federal government and the project’s industrial consortium partners.

Nano One’s project in Candiac has been further enhanced by a team with deep technology commercialisation experience, scale-up knowhow and automotive quality CAM production expertise, all led by a seasoned executive team.

Competitive and resilient supply chains

Blondal added: “We are aligned with government in creating supply chains that are competitive, resilient, and differentiated with minimal waste, cost, energy, water usage and security issues. Our Candiac facility will be a launch-pad for a new generation of scalable cathode materials and sustainable supply chains.”

As the global electric vehicle (EV) market continues to grow, ensuring a reliable supply of EV batteries is essential to Canada’s economic competitiveness. Nano One’s innovative cathode active materials (CAM) manufacturing process will ensure a cleaner and efficient battery supply chain in Canada and North America as well.

Minister Francois-Philippe Champagne, Minister of ISED, explained further: “Canada is moving aggressively to seize the economic opportunities from critical minerals mining, refining, and manufacturing…Canada’s innovation ecosystem is another key advantage, and we must harness revolutionary technologies that drive innovation in this space. To that end, we’re proud to support Nano One as they change the way battery materials are made, reducing the cost and environmental footprint of electric vehicle batteries, and advancing made-in-Canada innovation.”

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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