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Clean technology and battery materials pioneer Nano One Materials Corp. (TSX: NANO) (Frankfurt: LBMB) has taken another step towards mass production application of its patented one-pot process technology

The company has signed a memorandum of understanding (MOU) with a multi-national automotive company to develop low cost, cobalt-free, manganese rich, LNMO batteries for use in automotive scale battery cells. Under the terms of the agreement, the name of the automotive company and details of the project remain confidential.

The stock jumped 13.97% in morning trading yesterday (30 September) to reach $4.25 on the news, before settling back to $3.97 by the afternoon. Over 12 months the stock gained 212.6% reaching a peak of $6.50 at the end of December 2020.

The agreement was signed on completion of Nano One’s 2019 cathode development project, first announced on 20 June 2019, which successfully demonstrated the improved performance and durability of a proprietary and experimental nickel rich cathode formulation. The Nano One patented One-Pot, Metal to Cathode Active Material (M2CAM) and coated nanocrystal process technologies enable feedstock flexibility, lower costs, enhanced cycle life and sustainability improvements.

The agreement will focus on the multi-phase development and evaluation of LNMO (Lithium Nickel Manganese Oxide) batteries using cathode materials prepared by Nano One for use in electric vehicles. Work under the MOU will include performance testing, economic feasibility and future potential commercial collaboration for jointly developed battery cells using Nano One’s advanced LNMO cathode materials.

Listen: Podcast with Dan Blondal, CEO of Nano One

Low cost, cobalt-free, manganese rich, LNMO batteries

LNMO, also known as high voltage spinel, has great potential in next-generation lithium-ion batteries for electric vehicles, but also for renewable energy storage and electronic devices. It delivers energy and power on par with other high-performance cathodes and is cost effective because it is cobalt free, low in nickel and does not require excess lithium.

LNMO also has an operating voltage that is 25% higher than commercial high nickel cathodes, enabling fewer cells in applications such as power tools and electric vehicles, while providing improved productivity, efficiency, thermal management and power.

Dr. Stephen Campbell, CTO of Nano One, said: “This latest development in our relationship comes on the back of several years of collaboration and test work on a range of Nano One cathode materials and it is a testament to our team, technology and collaborative spirit. Our innovation engine led to an advanced LNMO cathode material with demonstrated benefits that has attracted the attention of global OEMs and materials companies.”

Nano One, in addition to its partnership with the unnamed multi-national automotive manufacturer, is working with an (also unnamed) Asian cathode manufacturer, and niobium producer CBMM for the coating of its cathode materials. Nano One has engaged global engineering firm Hatch Ltd. to lead a process comparison, optimization and, in particular, a scale-up study for the large volume manufacture of batteries for the automotive industry.

Nano One has received funding from various British Columbia government programmes, including Sustainable Development Technology Canada (SDTC) and the Innovative Clean Energy (ICE) Fund of the Province of British Columbia, programmes that aim to build up a world-leading cleantech sector in Canada. 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 22.4 megatonnes annually.

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Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

James Norris

James Norris

James is a highly experienced writer and editor, gained from more than 20 years in the financial services industry, in particular wealth management and asset management.

He initially worked as a financial journalist for a number of leading media brands, including the FT Group, Financial News, Euromoney and Incisive Media, covering most aspects of the asset management industry. More recently, James switched to work as an in-house content specialist for fund management and wealth management groups, including JP Morgan Asset Management, Quilter Cheviot Investment Management, AXA Investment Managers and Invesco Perpetual.

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