Alternative battery materials specialist Nano One Materials (TSX-V: NNO) has received yet more state support for its efforts to develop more efficient technology for next generation power sources. This time it is the Province of British Columbia that is backing Nano One to the tune of C$3,033,000. This will go towards the company’s Scaling of Advanced Battery Materials Project.
Nano One was first covered by The Armchair Trader in December 2019 and has remained on our watch list ever since. It develops patented ttechnology for the low-cost production of high performance lithium battery cathode materials that can be used in electric vehicles, for energy storage and in consumer electronics.
The additional contribution is being made as part of a funding partnership with Sustainable Development Technology Canada, a multi-billion dollar clean tech GHG-focused fund. The funds are non-dilutive and non-repayable.
We continue to own Nano One because we like its long term prospects: it sits on a mountain of intellectual property in terms of patents, enjoys Canadian government backing, and has developed technologies that have very real applications for industry as companies move towards a greener, more renewable future.
Nano One shares had an excellent run in April, climbing from 85 cents (3 April) to C$1.34 at the time of writing.
Nano One has developed a technology platform to improve the production and performance of cathode powders used in lithium-ion batteries. It now has 16 patents with more pending.
“Three million dollars will add to our multi-year runway and provide additional flexibility in accelerating, scaling and commercialising our lithium ion battery cathode technologies,” explained Dan Blondal, CEO of Nano One. “These funds from the Ministry of Energy, Mines and Petroleum Resources leverage project milestones, due diligence and reporting structures already in place with SDTC and will directly scale up activities with previously announced collaborators.”
Nano One’s technology can make a wide range of lithium-based compositive powders for different battery applications, including electric vehicles, e-buses, power tools, renewable energy storage and consumer electronics. The company already partners with some big names, like Volkswagen and Pulead but has also confirmed it is working with “a number of their peers.”
Nano One is known to be working collaboratively with global automotive, energy and supplying companies to improve the cost and durabilitiy of lithium ion batteries, although these additional partners remain undisclosed. It said that the original project it received funding for from SDTC continued on track and that deliverables remained unchanged.
Check out our interview with Dan Blondal on The Armchair Trader podcast.