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CleanTech Company Nano One Materials Provides Quarterly Progress Update and Reports Q3 2022 Results
Thursday, November 17, 2022
Burnaby, BC, November 17, 2022--(T-Net)--Nano One Materials Corp. a clean technology company with patented processes for the production of high-performance cathode materials used in lithium-ion batteries, announced that it has filed its unaudited condensed interim consolidated financial statements and management's discussion & analysis for the third fiscal quarter ended September 30, 2022 and provided the following highlights from Q3 2022.
Q3 2022 Highlights and Headlines
Corporate Milestones for Q3 2022
Validation of Manganese Metal in M2CAM® Process
In September 2022, the Company and Euro Manganese Inc. ("Euro Manganese") announced joint demonstration of cathode materials made directly from Euro Manganese sourced electrolytic manganese metal using Nano One's One-Pot process. Nano One's patented One-Pot process enables cathode materials to be made directly from metals ("M2CAM") and lithium carbonate, for reduced complexity, cost, and environmental footprint.
Results align with automotive battery demands in Europe and North America for sustainably sourced critical minerals and environmentally superior and differentiated supply chains. The two companies are jointly developing economically viable and environmentally sustainable applications of high-purity electrolytic manganese metal ("HPEMM") as one of several inputs for the production of cathode active materials used in lithium-ion batteries.
SDTC and BC-ICE Funding of $1.8M and Grant of 2 Patents
In August 2022, the Company announced the granting of two (2) additional patents in Japan and the receipt of approximately $1,800,000 in non-dilutive, non-repayable contributions from Sustainable Development Technology Canada ("SDTC") and BC-ICE toward Milestone 4 (the final milestone) of the Scaling Advanced Battery Materials project.
Q3 2022 Financial Position and Results
Primary sources of cash during Q3 2022 were from government programs (~$1,900,000), interest income (~$405,000), and exercises of stock options and warrants (~$237,000).
For a more detailed discussion of Nano One's third quarter and year to date 2022 results, please refer to the Company's financial statements and management's discussion & analysis, which are available at www.sedar.com.
About Nano One
Nano One® Materials Corp (Nano One) 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. The technology is applicable to electric vehicle, energy storage, consumer electronic and next generation batteries in the global push for a zero-emission future.
Nano One's One-Pot process, its coated nanocrystal materials and its Metal to Cathode Active Material (M2CAM®) technologies address fundamental performance needs and supply chain constraints while reducing costs and carbon footprint. Nano One has received funding from various government programs and the current "Scaling of Advanced Battery Materials Project" is supported by Sustainable Development Technology Canada (SDTC) and the Innovative Clean Energy (ICE) Fund of the Province of British Columbia.
For more information, please visit www.nanoone.ca
Certain information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking information in this news release includes, but is not limited to, statements with respect to: the execution of Nano One's plans, including global expansions efforts, which are contingent on such support and awards and the commercialization of Nano One's technology and patents. Generally, forward-looking information can be identified by the use of terminology such as 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing', 'target', 'goal', 'potential' or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements based on the current opinions and estimates of management as of the date such statements are made are not, and cannot be, a guarantee of future results or events. [ MORE ] |
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