Business
Nano One Announces Collaboration Agreement with Sumitomo Metal Mining and a C$16.9 Million Strategic Investment
VANCOUVER, BC / ACCESSWIRE / September 25, 2023 / (TSX:NANO)(OTC:NNOMF)(Frankfurt:LBMB) and Tokyo...
About this update from Nano One Materials Corp
[{"type":"text","content":"Nano One Announces Collaboration Agreement with Sumitomo Metal Mining and a C$16.9 Million Strategic InvestmentVANCOUVER, BC / ACCESSWIRE / September 25, 2023 / (TSX:NANO)(OTC:NNOMF)(Frankfurt:LBMB) and Tokyo, Japan (TSE:5713).Highlights:Sumitomo Metal Mining and Nano One will partner via Collaboration Agreement.Sumitomo Metal Mining will make a C$16.9M equity investment in Nano One.The Companies intend to jointly explore business development opportunities focused on future sales, licensing, partnerships, investment and financing opportunities for expanded operations.Collaboration to support the development of battery ecosystems, with a particular focus on LFP and NMC production using the One-Pot process.Includes ongoing research and development for the production of clean, reliable, long-lasting battery materials.Nano One® Materials Corp. (\"Nano One\") is a clean technology company with patented processes for the sustainable production of lithium-ion battery cathode materials, and Sumitomo Metal Mining Co., Ltd. (\"SMM\", together with Nano One, the \"Companies\") is a leading vertically integrated miner, refiner and producer of cathode active materials (\"CAM\") with over 400 years of experience. The Companies are pleased to announce that they have agreed to a strategic equity investment in Nano One by SMM of C$16,879,949.85 and to enter into a collaboration agreement (a \"Collaboration Agreement\") under which the parties 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\").\"This announcement builds on years of technology development and CAM production by both Sumitomo Metal Mining and Nano One Materials,\" said Nano One CEO, Dan Blondal, \"and it expresses our joint ambitions to develop and lead world class battery ecosystems and long-term partnerships in the production of LFP and NMC cathode materials. Sumitomo Metal Mining is a world class leader, having pioneered nickel-rich cathode active materials for long range electric vehicle battery applications. We are proud to be partnered with such a reputable and deeply experienced organization and to be jointly addressing emerging market demand in Japan, North America and other global regions.\"For over 400 years, SMM has been mining, sm...