Canadian clean tech company Nano One Materials [TSX: NANO] [OTC: NNOMF] [Frankfurt: LBMB], says it is on track to achieve its commercialisation plans to produce lithium-iron materials, materials used in battery cathodes for electric vehicles, defence, energy storage and other technologies.
Nano One’s chief executive Dan Blondal, said this week that: “in the context of the current capital market conditions for our sector and company, I want to assure our valued shareholders and the broader investment community, that Nano One continues to execute successfully on its business plans.”
The company’s institutional shareholder base remains confident, supportive and in for the long haul, added Blondal.
Nano One Materials well-capitalised and spending prudently
The clean tech company is well capitalised and spending prudently to secure offtakes and long-term value creation for shareholders. Nano One’s Quebec pilot plant is commissioned and already producing samples, some at the tonne-scale, for potential off take partners, all of which are looking for locally sourced lithium-iron phosphates (LPF). The company’s patented One-Pot production process is designed to drive down cost, complexity, energy use and environmental footprint of cathode active materials (CAM) production.
“The cornerstone of our long-term planning is built around effective capital sourcing, maintaining flexibility to meet market opportunities and thinking creatively about how we can maximize the company’s full potential,” said Blondal. “We continue to see a large and diverse market opportunity for LFP and based on our actions over the last five years, we are well positioned to be a leader in the field.”
Nano One boasts a team of lithium iron phosphate experts with more experience in piloting and production than any other team outside of Asia.
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The company’s two key shareholders and collaborators, mining giants Rio Tinto and Sumitomo Metal Mining, are both interested in long-lasting commercial opportunities in disruptive technologies on the path to net-zero. The company’s potential customers and government stakeholders are fully engaged and working with Nano One to accelerate the adoption of the One-Pot process.
“Our scientific and engineering activities are producing a growing portfolio of intellectual property and process technology advancements, not only for nickel, manganese, cobalt (NMC) and LFP materials, but increasingly in recycling and battery metal processing. This is synchronized with piloting, procurement and commercialization initiatives and continuously advancing Nano One’s strategic objectives,” Blondal said.
Local supply chains
The company’s One-Pot process produces LFP with less green-house gases, using less energy and water, and leaving behind less waste and a smaller physical footprint than incumbent processes. This positions the CAM maker ideally for North America, Europe and Asia where the need for localization and environmental stewardship are interwoven with the need for global competitiveness.
“Our chemical flowsheet eliminates wastewater and sodium-sulphate by-product; if left unaddressed it will be a major hindrance to the global adoption of lithium-ion batteries because of the wasteful processes that currently dominate incumbent supply chains,” said Blondal.
One-Pot also enables untapped local sources of class 1 automotive-approved, readily available and readily scalable critical mineral inputs. This has the strategic benefit of decoupling critical inputs from entrenched but increasingly unreliable supply chains in Asia.
Nano One’s Design-Once Build-Many growth strategy is gaining critical momentum at a time when the world needs turn-key solutions to address a looming and unprecedented amount of LFP demand.
A full scale LFP feasibility study could be complete by mid-year with engineering, flowsheets, major equipment, permitting and capex estimates in place to help fulfil the company’s project financing, capacity expansion, licensing, and joint-venture ambitions.
Expected catalysts in 2024.
Nano One has identified several key catalysts this year including progress on strategic partnerships in Canada, the US and their free-trade partners, small-scale but important sales of LFP from the existing Candiac facility, building a portfolio of offtakes to support future commercial plant demand, progressing with growth plans and sight lines to license and joint venture partnerships.
This year Nano One also envisages completing the feasibility study (FEL3) to support the launch of the first LFP facility and the broader Design-Once Build-Many initiatives, signing government and financial agreements to support the first plant and broader growth plans, business development in energy storage solutions (ESS) and automotive sectors and finally continued innovation of the manufacturing processes, equipment and recycling.