Nano One announced today that it has achieved an important milestone by successfully completing the evaluation and benchmarking of its process, cathode materials and techno-economic modeling, 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. Financial terms towards the project are confidential.
The parties jointly evaluated Nano One's NMC cathode materials for use in automotive lithium-ion batteries and demonstrated significant potential to reduce environmental footprint, capital costs and operating costs while meeting performance criteria.
As part of the initial evaluation project, a third-party study, conducted by engineering firm
The successful outcome of this initial evaluation project has led to Nano One and its automotive partner entering a new phase of collaboration and a second Cathode Evaluation Agreement, during which the parties will expand their evaluation and focus on specific performance, cost and environmental parameters for NMC and LFP materials. In addition, Nano One and its automotive partner are developing a roadmap to execute on a joint vision to promote waste free high performing cathodes in world class cells. The joint vision aligns with Canadian and US government initiatives and the underlying objectives of the recent Inflation Reduction Act.
Nano One CTO, Dr.
Nano One's technology could prevent over 2 billion kilograms of wasteful sodium sulphate by-product, for every 15 million electric vehicles or for each terawatt-hour of battery production.
Over the past 24 months our team has built a collaborative relationship with the automotive company,' said
About Nano One
Nano One's technology is applicable to electric vehicles, energy storage, consumer electronics and next generation batteries in the global push for a zero-emission future. Its One-Pot process, its coated single crystal materials, and its Metal to Cathode Active Material (M2CAM) technologies address fundamental performance needs and supply chain constraints; they also reduce equipment and raw material costs, operating expenses, and carbon intensity and they eliminate a significant waste stream for a much-improved environmental footprint.
The Company aims to pilot and demonstrate its technology as turn-key CAM production solutions for license, joint venture and independent production opportunities. This leverages Canadian talent, critical minerals, renewable energy, and a thriving ecosystem with access to large emerging markets in
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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: next steps and development or continuations of a collaboration with the global automotive manufacturer, results of further optimization work, the development of technology, supply chains, and plans for construction, scale-up and operation of a multi cathode piloting hub (MCPH), achievement of industrial scale piloting, demo commercial production and revenues, successful current and future collaborations that may happen with OEM's, miners or others, including consortium partners, the execution of the Company's plans which are contingent on support and grants and the commercialization of the Company'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', 'encouraged', 'projected', 'potential' or variations of such words and phrases or statements that certain actions, events or results 'will' occur. Forward-looking statements are 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. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including but not limited to: next steps and development or continuations of a collaboration with the global automotive manufacturer; the results of further optimization work; the ability of the Company to obtain additional financing, including the receipt of total grant monies from SDTC; the receipt of all necessary regulatory approvals; general and global economic and regulatory changes; next steps and timely execution of the Company's business plans; the development of technology, supply chains, and plans for construction, scale-up and operation of a multi cathode piloting hub (MCPH); achievement of industrial scale piloting, demo commercial production and revenues; successful current and future collaborations that may happen with OEM's, miners or others, including consortium partners; the execution of the Company's plans which are contingent on support and grants; , the Company's ability to achieve its stated goals; the commercialization of the Company's technology and patents and other risk factors as identified in Nano One's MD&A and its Annual Information Form dated
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