Worth reading.- Part !18 May 2023 09:38
The following will give an idea of what is happening.
Nano One Materials Corp.
Nano One Materials Corp.
May 11, 2023
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VANCOUVER, BC / ACCESSWIRE / May 11, 2023 / (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB)
Nano One® Materials Corp. ("Nano One" or the "Company") is 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. Nano One has filed its condensed interim consolidated financial statements (the "financial statements"), and management's discussion & analysis ("MD&A") as at and for the three months ended March 31, 2023 ("Q1 2023") and is pleased to provide the following highlights from Q1 2023.
Q1 2023 Highlights and Headlines
Working capital of ~$35.7 million; cash of ~$40.1 million
Completion of Cathode Evaluation Project & Expansion of Collaboration with Automotive OEM
New program funding from SDTC
Three new patents issued and allowed in Taiwan, Korea, and US.
Proceeds of ~$3.7M from the exercise of warrants
Advancement of Commercial Plans for LFP and Other Cathode Materials
Corporate Milestones for Q1 2023
New Program Funding from SDTC
On February 13, 2023, the Company announced an award of up to $10,000,000 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 fi