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Nano One Materials Provides Quarterly Progress Update and Reports Q1 2023 Results
Tuesday, May 30, 2023
Burnaby, BC, May 30, 2023--(T-Net)--Nano One Materials Corp., a clean technology company with patented processes for the low-cost, low-environmental footprint production of high-performance cathode materials used in lithium-ion batteries, announced that it has filed its condensed interim consolidated financial statements, and management's discussion & analysis as at and for the three months ended March 31, 2023 and provided the following highlights from Q1 2023.
Q1 2023 Highlights and Headlines
Corporate Milestones for Q1 2023
New Program Funding from SDTC
On February 13, 2023, the Company announced an award of up to $10 million in non-dilutive, non-repayable contributions from Sustainable Development Technology Canada ("SDTC").
These funds will support the conversion of Nano One's recent high-value acquisition of the JMBM Canada LFP facility in Candiac, Québec, Canada (November 2022), to the patented One-Pot Process for industrial-scale pilot production of LFP and includes financial support for the design, construction, and operation of a multi-cathode piloting hub (MCPH) to help customize and advance Nano One's One-Pot and metal-direct-to-CAM (M2CAM) processes for the industrial scale pilot production of next-gen LFP, NMC and LNM cathode active materials (CAM).
Completion of Cathode Evaluation Project & Expansion of Collaboration with Automotive OEM
On February 21, 2023, the Company announced the successful completion of the evaluation and benchmarking of its process, cathode materials and techno-economic modelling, under a Cathode Evaluation Agreement with a global automotive manufacturer. Success has led the parties to a new Cathode Evaluation Agreement that adds LFP to the program and expands their collaboration to target performance, cost, and environmental specifications of cathode materials to meet the needs of the OEM.
Advancement of Commercial Plans for LFP and Other Cathode Materials
On April 24, 2023, the Company provided an update regarding its commercial plans which are aimed at jumpstarting the commercialization of its One-Pot process starting at 200 tonnes per annum ("tpa") in 2023, expanding in steps to 2,000 tpa, 10,000 tpa, and hundreds of thousands of tonnes per annum. To expedite commercial sampling, offtake and first revenues, the Company's Candiac facility in Québec is being retrofitted with its new One-Pot reactors and technology and will be commissioned initially at 200 tpa in Q3 2023, ramping up to as much as 2,000 tpa.
Nano One's technology, manufacturing hub, and plans represent a game-changing opportunity to secure sustainable and clean battery supply chains in North America. Nano One will launch LFP in North America, followed by Europe and the Indo-Pacific region, giving it access to exponential revenue growth, to power hundreds of gigawatt hours of battery storage and millions of electric vehicles.
Q1 2023 Financial Position and Results
Given recent banking uncertainty we want to reassure our shareholders that our treasury is diversified amongst several Canadian chartered banks and large financial institutions, and our conservative and diversified approach to treasury management reflects the paramount priority of safety and security.
For a more detailed discussion of Nano One's interim Q1 2023 results, please refer to the Company's financial statements, and MD&A which are available at www.sedar.com.
About Nano One Materials
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. With strategic collaborations and partnerships, including automotive OEMs and strategic industry supply chain companies like 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. The Company aims to pilot and demonstrate its technology as turn-key production solutions for license, joint venture, and independent production opportunities, leveraging Canadian talent and critical minerals for emerging markets in North America, Europe, and the Indo-Pacific region. Nano One has received funding from SDTC and the Governments of Canada and British Columbia.
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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