Canadian-listed battery materials specialist Nano One [TSX/NASDAQ: NANO] has reported that it has confirmed orders for approximately 1.3 tonnes of LFP samples from key collaborators for commercial evaluation purposes, of which approximately 30% has been shipped.
The LFP was made using Nano One’s recently commissioned One-Pot LFP pilot facilities in Candiac, Québec demonstrating and de-risking production in commercial scale equipment.
Nano One is a clean technology company with patented processes for the production of lithium-ion battery cathode materials that enable secure and resilient supply chains by driving down cost, complexity, energy intensity, and environmental footprint.
These large volume samples of LFP cathode materials were made at Nano One’s pilot facilities in Québec using commercial scale equipment that was recently recommissioned for the proprietary One-Pot process. The samples are being provided to a global automotive manufacturer and other key collaborators, after having tested and validated smaller samples of Nano One’s LFP cathode materials.
“This supports a joint vision to promote and execute locally sourced, waste-free, high performing cathodes in world class cells,” said Nano One Chief Commercialization Officer Denis Geoffroy. “It also aligns us with Canadian and US government initiatives and the underlying objectives of the Inflation Reduction Act.”
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Additional key collaborators in automotive, ESS, defense, and industrial sectors are also testing and validating Nano One’s LFP pilot materials for the purposes of securing offtake agreements to meet their business objectives.
Nano One creating multiple client relationships
Nano One says it is addressing a diverse market for LFP and creating multiple client relationships to satisfy growth plans and the sector’s needs. Target markets include North America, Europe and the Indo-Pacific region, representing an addressable LFP market opportunity totalling US$48 billion by 2035.
Nano One CEO Dan Blondal underlined the news for investors: “Our team in 2023 has significantly de-risked our capacity to scale and grow with our collaborators and future customers and accelerated the timeline to tonne-scale sample evaluations,” he said. “These milestones showcase Nano One’s ability to execute on its plans and help to increase shareholder value and supply chain confidence in Nano One’s technology and growth strategy. I’d like to thank all of our stakeholders for their support on our journey and we look forward to providing further updates in 2024.”
Nano One Materials is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. It enjoys strategic collaborations and partnerships, including automotive OEMs and strategic industry supply chain companies like Sumitomo Metal Mining, BASF, Umicore and Rio Tinto.
Nano One’s technology is applicable to electric vehicles, energy storage, and consumer electronics, reducing costs and carbon intensity while improving environmental impact.