- Nano One Materials (TSX:NANO), a Canadian lithium stock, has received a contribution of $803,300 from Sustainable Development Technology Canada and the Government of British Columbia’s Innovative Clean Energy Fund
- The funding is part of $8.25 million in support received since 2019 to advance the company’s One-Pot process to produce lithium iron phosphate
- Nano One Materials is a clean technology company focused on producing high-performance lithium-ion battery cathode materials
- Nano One Materials stock (TSX:NANO) opened with a gain of 1.15 per cent, trading at $2.64 per share
Nano One Materials (TSX:NANO), a Canadian lithium stock, has received a contribution of $803,300 from Sustainable Development Technology Canada (SDTC) and the Government of British Columbia’s Innovative Clean Energy (ICE) Fund.
The payment finalizes Nano One’s second SDTC project to advance the scale of its One-Pot process to produce lithium iron phosphate (LFP). Funding transpired between May 2019 and January 2023 totaling $5.25 million from SDTC and $3 million from the ICE Fund. The $803,300 contribution pertains to a 10 per cent holdback tied to the company achieving all commitments and reporting requirements.
Advances during the second SDTC project include:
- Preparation for pilot and industrial-scale production at the company’s facilities in Candiac, Québec. Nano One successfully produced 10 kilogram batches of One-Pot LFP and greater for third-party evaluation, which has subsequently led to trials exceeding 1 tonne
- Reduced reaction times resulting in cost reduction and improved yield
- Reduced CAPEX and OPEX compared with existing LFP methods
- A techno-economic model for LFP to support large-scale piloting and production activities
- Development of Nano One’s metal-to-cathode-active-materials (M2CAM) technology, which enables the use of metal powders instead of pollutive metal sulphates
“SDTC has been an important contributor to Nano One over the years and has been instrumental in propelling us to where we are today,” Dan Blondal, Nano One’s CEO, said in a statement. “Their funding for this project provided the means to execute our business plans and aided in securing additional support from the capital markets and from various strategically interested parties. With SDTC and ICE Fund support, we grew our team, added to our portfolio of intellectual property and optimized our processing technology and know-how. We believe we can be cleaner, greener and leaner than the methods used in Asia, while being cost competitive in Canada, North America, Europe and the Indo-Pacific region.”
“The financial support from SDTC and the ICE Fund has enabled us to further attract and retain industry leading experts with science, engineering and business backgrounds. We have the most experienced LFP production team in North America and by pairing this with our innovative culture, we are setting the stage to change how the world makes battery materials,” Kelli Forster, Nano One’s senior vice president of people and culture, said in a statement.
A third SDTC-funded project announced in February 2023 will provide an additional $10 million in non-dilutive funding.
The news follows the company’s Q2 2023 results, which were highlighted by well-funded coffers to pursue its commercialization plans.
Nano One Materials is a clean technology company with a patented, scalable, low-cost and low-carbon intensity process to produce high-performance lithium-ion battery cathode materials.
Nano One Materials stock (TSX:NANO) opened with a gain of 1.15 per cent trading at $2.64 per share. The stock is up by approximately 130 per cent over the past five years.
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