Business
Nano One Provides Quarterly Progress Update and Reports Q1 2023 Results
VANCOUVER, BC / ACCESSWIRE / May 11, 2023 / (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB) Nano One...
About this update from Nano One Materials Corp
[{"type":"text","content":"Nano One Provides Quarterly Progress Update and Reports Q1 2023 ResultsVANCOUVER, BC / ACCESSWIRE / May 11, 2023 / (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB)Nano One® Materials Corp. (\"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 condensed interim consolidated financial statements (the \"financial statements\"), and management's discussion & analysis (\"MD&A\") as at and for the three months ended March 31, 2023 (\"Q1 2023\") and is pleased to provide the following highlights from Q1 2023.Q1 2023 Highlights and HeadlinesWorking capital of ~$35.7 million; cash of ~$40.1 millionCompletion of Cathode Evaluation Project & Expansion of Collaboration with Automotive OEMNew program funding from SDTCThree new patents issued and allowed in Taiwan, Korea, and US.Proceeds of ~$3.7M from the exercise of warrantsAdvancement of Commercial Plans for LFP and Other Cathode MaterialsCorporate Milestones for Q1 2023New Program Funding from SDTCOn February 13, 2023, the Company announced an award of up to $10,000,000 in non-dilutive, non-repayable contributions from Sustainable Development Technology Canada (\"SDTC\"). These funds will support the conversion of Nano One's recent high-value acquisition of the JMBM Canada LFP facility in Candiac, Québec, Canada (November 2022), to the patented One-Pot Process for industrial-scale pilot production of LFP and includes financial support for the design, construction, and operation of a multi-cathode piloting hub (MCPH) to help customize and advance Nano One's One-Pot and metal-direct-to-CAM (M2CAM) processes for the industrial scale pilot production of next-gen LFP, NMC and LNM cathode active materials (CAM).Completion of Cathode Evaluation Project & Expansion of Collaboration with Automotive OEMOn February 21, 2023, the Company announced the successful completion of the evaluation and benchmarking of its process, cathode materials and techno-economic modelling, 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, an...