Business
Nano One Announces Closing of Sumitomo Metal Mining $16.9M Strategic Investment and Collaboration Agreement
VANCOUVER, BC and TOKYO, JAPAN / ACCESSWIRE / October 5, 2023 / (TSX:NANO)(OTC PINK:NNOMF)(Frankf...
About this update from Nano One Materials Corp
[{"type":"text","content":"Nano One Announces Closing of Sumitomo Metal Mining $16.9M Strategic Investment and Collaboration AgreementVANCOUVER, BC and TOKYO, JAPAN / ACCESSWIRE / October 5, 2023 / (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB)(TSE:5713)Nano One® Materials Corp. (\"Nano One\" or the \"Company\"), a clean technology company with patented processes for the sustainable production of lithium-ion battery cathode materials, is pleased to announce the closing of the strategic equity investment and collaboration with Sumitomo Metal Mining Co. Ltd (\"SMM\", together with Nano One, the \"Companies\"), a leading vertically integrated miner, refiner and producer of cathode active materials (\"CAM\"), announced on September 25, 2023. SMM made an equity investment of C$16,879,949.85 and the Companies entered into a collaboration agreement (the \"CA\") under which they will work together to accelerate the commercial production of lithium iron phosphate (\"LFP\"), CAM and nickel-rich CAM chemistries, such as lithium nickel manganese cobalt oxide (\"NMC\").Investment and CollaborationSMM purchased by way of private placement, 5,498,355 common shares (the \"Shares\") of Nano One at a price of C$3.07 per share for a total investment into Nano One of C$16,879,949.85 (the \"Private Placement\"). The Shares issued under the Private Placement equate to approximately 5% of the current issued and outstanding Shares of Nano One.The CA involves various aspects primarily centered on supporting the development of battery ecosystems, with a particular focus on LFP and NMC production using the One-Pot process. The collaboration will support technical product optimization for both LFP and NMC, as well as efforts to mitigate supply chain risks. These joint efforts are intended to strengthen and progress the development, design, construction, and operation of Nano One's proposed LFP production scale pilot plant, the piloting of nickel- and manganese-rich CAMs, and Nano One's first LFP commercial plant.Additionally, the Companies will look to explore business development opportunities, including future sales and technology licensing, forging long term partnerships and identifying potential investment and financing opportunities to expand operations. In the pursuit of these shared business objectives, the Companies intend to exchange relevant market information and technic...