Nano One Receives $3M in Non-Dilutive Funding from the Province of British Columbia
06 Mayo 2020 - 2:07AM
(TSX-V: NNO) (OTC-Nasdaq Intl Designation: NNOMF)
(Frankfurt: LBMB). Nano One Materials is pleased to
announce that the Province of British Columbia is contributing
$3,033,000 to Nano One’s “Scaling of Advanced Battery Materials
Project” adding to the previously announced $5.25M contribution
from Sustainable Development Technology Canada (SDTC). These funds
are non-dilutive and non-repayable.
“Nano One is honoured to have the participation and support of
the Province of British Columbia," said CEO, Dan Blondal.
"Three million dollars will add to our multi-year runway and
provide additional flexibility in accelerating, scaling and
commercializing our lithium ion battery cathode technologies. These
funds from the Ministry of Energy, Mines and Petroleum Resources
leverage project milestones, due diligence and reporting structure
already in place with SDTC and will directly support scale up
activities with previously announced collaborators, Volkswagen,
Pulead, Saint-Gobain and a number of their peers.”
Nano One has developed a technology platform to improve the
production and performance of cathode powders used in lithium-ion
batteries, with 16 patents granted and many more pending. The
technology can make a wide range of lithium based composite powders
for different battery applications including electric vehicles,
e-buses, power tools, renewable energy storage and consumer
electronics, as well as next generation solid state batteries. Nano
One is working collaboratively with global automotive, energy, and
supplying companies to improve the cost and durability of lithium
ion batteries, and to imbed its technology into manufacturing
plans.
This $3M contribution by the Province is being made as part of a
funding partnership with SDTC and augments Nano One's existing
Project Funding Agreement with SDTC, executed in September 2019,
bringing the total contribution to $8,283,000. The original project
scope and milestone deliverables remain unchanged.
Dan Blondal, CEO
For information with respect to Nano One or the contents of this
news release, please contact John Lando (President) at (604)
420-2041 or visit the website
at www.nanoone.ca.
About Nano One
Nano One Materials Corp has developed patented technology for
the low-cost production of high performance lithium ion battery
cathode materials used in electric vehicles, energy storage and
consumer electronics. The processing technology enables lower cost
feedstocks, simplifies production and advances performance for a
wide range of cathode materials. Nano One has built a demonstration
pilot plant and is partnering with global leaders in the lithium
ion battery supply chain, including Pulead, Volkswagen and
Saint-Gobain to advance its lithium iron phosphate (LFP), lithium
nickel manganese cobalt oxide (NMC) and lithium nickel manganese
oxide (LNM) cathode technologies for large growth opportunities in
e-mobility and renewable energy storage applications.
Nano One’s pilot and partnership activities are being funded
with the assistance and support of the Government of Canada through
Sustainable Development Technology Canada (SDTC) and the Automotive
Supplier Innovation Program (ASIP) a program of Innovation, Science
and Economic Development Canada (ISED). Nano One also receives
financial support from the National Research Council of Canada
Industrial Research Assistance Program (NRC-IRAP). Nano One’s
mission is to establish its patented technology as a leading
platform for the global production of a new generation of battery
materials. www.nanoone.ca
Certain information contained herein may constitute
“forward-looking information” under Canadian securities
legislation. Forward-looking information includes, but is not
limited to, the execution of the plans of Nano One Materials Corp
(“the Company”) which are contingent on the receipt of grant monies
and the commercialization of the Company’s technology and patents.
Generally, forward-looking information can be identified by the use
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different from those expressed or implied by such forward-looking
statements or forward-looking information, including: the ability
of the Company to obtain additional financing; including the
receipt of grant monies from SDTC, ASIP, NRC-IRAP, the Province of
British Columbia and the receipt of all necessary regulatory
approvals. Although management of the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements or forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
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to be accurate, as actual results and future events could differ
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forward-looking information that is incorporated by reference
herein, except as required by applicable securities laws.
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