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Nano One Provides Quarterly Progress Update and Reports Q1 2022 Results
Vancouver, British Columbia--(Newsfile Corp. - May 13, 2022) - Nano One® Materials Corp. ...
About this update from Nano One Materials Corp
[{"type":"text","content":"Nano One Provides Quarterly Progress Update and Reports Q1 2022 ResultsVancouver, British Columbia--(Newsfile Corp. - May 13, 2022) - Nano One® Materials Corp. (TSX: NANO) (OTC Pink: NNOMF) (FSE: LBMB) (\"Nano One\" or the \"Company\") is a clean technology company with patented processes for the low-cost, low-environmental footprint production of high-performance cathode materials used in lithium-ion batteries. Nano One has filed its financial results and operations overview for the first fiscal quarter ended March 31, 2022 and is pleased to provide the following highlights from Q1 2022.Q1 Highlights and HeadlinesWorking capital of ~$48.6 million; cash of ~$48.7millionGrowing LFP demand and opportunityAdditional Government funding for M2CAM® and Thermal Processing initiativesSuccessful progress in Co-Development Agreement with CBMMSuccessful completion of engineering studiesCorporate Updates for Q1LFP OpportunityOn March 24, 2022, the Company provided an update on the emerging LFP opportunity. LFP demand is being driven by automotive OEMs and other markets pushing for a localized and diversified battery supply chain in North America, Europe and India. Nano One has an innovative method of making LFP, using the One-Pot process, which is simpler, lower cost and it eliminates the need for the iron phosphate intermediate used in China, making it competitive and uniquely adaptable to North American and European-based supply chains. It also improves on the environmental footprint and could make Québec and Canada world leaders in LFP and other types of cathode materials. Nano One is excited to be building a team of engineers and market specialists in British Columbia and tapping an experienced talent pool in Québec.Funding to Advance M2CAM® and Thermal Processing InitiativesOn March 3, 2022, the Company announced that it will be receiving advisory services and funding of up to $404,000 from the National Research Council of Canada Industrial Research Assistance Program (\"NRC-IRAP\") to support a research and development project to advance its M2CAM® technology and thermal processing innovations. The project will further advance cost optimization of the One-Pot Process for the manufacture of CAM, specifically as it relates to use in metal feedstocks enabled by Nano One's M2CAM® technology and innovatio...