Long and strong and adding on dipsLFP represents a tremendous market opportunity for Nano One: Market demand for LFP is anticipated to double to over 200,000 tonnes/yr in 20251. Chinese Ministry of Industry and Information Technology said that 61% of passenger vehicles and 94% of busses will use LFP batteries2. Pulead is a global leader in LFP production and are expanding their capacity to capture a greater portion of the LFP growth opportunity. LFP is widely considered to be the safest, lowest cost and longest lasting of all battery cathode materials. LFP is a dominant cathode material in electric buses, mid-range electric automobiles and fleet vehicles. Nano One believes LFP will garner a substantial share of the electrical grid energy storage systems (ESS) market where cost, safety and longevity drive purchase decisions. For example, BYD, who leads the world in e-buses and e-cars, recently signed a deal with finance group Pireos Capital which could see up to 100MWh of its LFP battery storage systems deployed in Mexico3. LFP could become a cost competitive and environmentally superior alternative to lead-acid batteries, opening a $40B market opportunity that includes energy storage systems (ESS), telecom, hybrid EVs, forklifts, bikes and power tools.