Business
Nano One Announces Closing of Candiac Acquisition from Johnson Matthey and Appoints Denis Geoffroy as Chief Commercialization Officer
VANCOUVER, BC / ACCESSWIRE / November 1, 2022 / (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB) N...
About this update from Nano One Materials Corp
[{"type":"text","content":"Nano One Announces Closing of Candiac Acquisition from Johnson Matthey and Appoints Denis Geoffroy as Chief Commercialization OfficerVANCOUVER, BC / ACCESSWIRE / November 1, 2022 / (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB) Nano One® Materials Corp. (\"Nano One\" or the \"Company\") a clean technology innovator in battery materials, is pleased to announce that, through a wholly owned subsidiary, it has successfully completed the acquisition (\"Acquisition\") of Johnson Matthey Battery Materials Ltd. (\"JMBM Canada\") previously announced on May 25, 2022. Net consideration for the Acquisition was C$10.25 million1, subject to customary closing adjustments and was fully funded from cash on hand. The Company held C$48 million cash on hand as of June 30, 2022, in addition to the Acquisition consideration.HighlightsThe Acquisition helps expedite Nano One's business strategy for LFP and other battery materials, and includes:A talented and dedicated workforce of 46 professionals with almost 400 years of scale-up, commercialization, and cathode manufacturing know-how on LFP.The only existing North American lithium iron phosphate (\"LFP\") production facility.An 80,000 square foot, 2,400 tpa capacity LFP production facility on 9.5 acres, strategically located near Montréal.Certification systems supplying tier 1 cell manufacturers for the automotive sector.The Company is further pleased to announce that Denis Geoffroy, a seasoned lithium-ion battery value chain and cathode manufacturing leader has been appointed Chief Commercialization Officer of Nano One, effective Nov 1, 2022. Denis was an early contributor to Phostech Lithium, which led the first commercial manufacturing of LFP cathode active materials globally. Under Denis' leadership Phostech Lithium commercialized LFP in Québec and grew from pilot to full industrial commercialization with the build of the Candiac LFP plant and commencement of commercial operations in 2012. Denis went on to lead the Candiac operations as General Manager until 2019.Mr. Dan Blondal, Nano One CEO, said, \"Today marks the beginning of an exciting new chapter in the Nano One story. I am pleased to report that the entire team in Candiac has transitioned to Nano One and this positions us with the most experienced LFP workforce in North America. We welcome their addition to the Nano One family ...