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Nano One on track with commercialisation of scaled up One Pot reactors

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Toronto and Frankfurt-listed battery materials specialist Nano One [TSX: NANO] has provided investors with some Q2 highlights this week, reporting that it has working capital of $30.0 million; and cash of $34.4 million. Total assets were reported at $52.6 million (Q1 2023 – $56.9 million).

The company, which is pushing forward with plans for a commercial-grade processing plant for the Canadian batteries sector, reported total investment (capitalized and expensed) on at its Candiac plant including equipment, retrofitting, engineering, and expansion totalled $3.4M ($4.3M year-to-date).

Separate pilot facility under construction

Beyond this, Nano One confirmed it also has engineering work underway for a separate 100 tpa NMC and LNMO pilot facility.

Having piloting capabilities for lithium iron phosphate, NMC and LNMO will enable Nano One to prototype, validate, design, and pilot a new generation of cathode active materials and accelerate the commercial adoption of its One-Pot and sulfate-free Metal to Cathode Active Material (M2CAM) processes in pursuit of production, joint venture and licensing opportunities.

Nano One also reported that its lithium iron phosphate (LFP) trials, One-Pot reactors, sampling and pilot production plans are being expedited as previously outlined, and that initial engineering plans for its first full scale commercial plant are nearing completion.

Successful production of tonne-sized batches

Nano began successfully producing tonne-sized batches in Q2 2023 using the existing commercial scale equipment. In parallel Nano One is installing smaller modular One-Pot reactors, engineered and built in Québec with the aim of conducting smaller trials, evaluating new reactor designs and fast-tracking plans.

Last month Nano One provided an update on its commercial plans which are aimed at jump starting the commercialization of its One-Pot process. To expedite commercial sampling, offtake and first revenues, the Candiac facility in Québec is being retrofitted with its new One-Pot reactors and will be recommissioned initially at 200 tons per annum in Q3 2023, ramping up in steps to 2,000 tpa in 2024, and 10,000 tpa thereafter in a new and adjacent facility.

Joint Development Agreement with Our Next Energy (ONE)

In Nano One had announced signing a Joint Development Agreement with ONE to collaborate on the validation, qualification, and production of a North American supply of lithium iron phosphate cathode active materials.

The LFP CAM will be produced at Nano One’s 200 tpa pilot facility in Québec, for validation in ONE’s production LFP cells used in its Aries and Gemini batteries, with the goal of a binding offtake agreement and expansion into future production facilities.

In May Nano One announced the successful completion of phase two of its co-development work with CBMM, the world’s leading supplier of Niobium products and technology. Phase two successfully utilized CBMM’s Niobium product to make coated nanocrystal high nickel (Ni>90%) NMC cathode active material. Enhanced durability was displayed using Nano One’s proprietary One-Pot process and Metal to Cathode Active Material technology.

Management said this achievement will open new doors of opportunity for the two companies to market and cross-collaborate with their existing customer bases to create market pull both for Nano One’s patented technology and develop a new market for CBMM’s sustainable, high-quality product.

This also adds a secure and resilient supply chain partner to Nano’s list of qualified automotive supply chain.

Podcast: Nano One’s electric battery materials and the Rio Tinto partnership

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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