Business
Nano One Successfully Completes Second SDTC Project Receives Final Contribution of $803,000
VANCOUVER, BC / ACCESSWIRE / August 21, 2023 / (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB) High...
About this update from Nano One Materials Corp
[{"type":"text","content":"Nano One Successfully Completes Second SDTC Project Receives Final Contribution of $803,000VANCOUVER, BC / ACCESSWIRE / August 21, 2023 / (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB)Highlights:Nano One successfully completes its second SDTC funded project.Initiated in May 2019, a final contribution of $803K was recently awarded, totalling $8.25M.Proceeds were focused on scaling Nano One's One-Pot process technology and team, for the production of LFP and NMC materials.Funding also accelerated Nano One's acquisition of critical equipment, advanced its M2CAM® technology development and validated the cost-competitiveness of its process technologies.Nano One® Materials Corp. (\"Nano One\" or the \"Company\") is a clean technology company with patented processes for the production of lithium-ion battery cathode active materials (\"CAM\") that enable secure and resilient supply chains by driving down cost, complexity, energy intensity, and environmental footprint. The Company is pleased to report that it has received the final contribution of $803,300 from Sustainable Development Technology Canada (\"SDTC\") and the Government of British Columbia's Innovative Clean Energy (\"ICE\") Fund. This completes the Company's second SDTC project and its success led to a third SDTC funded project that was previously announced in February 2023 which is expected to provide an additional $10 million in non-dilutive funding.Support for Nano One's Scaling of Advanced Battery Materials Project was awarded by SDTC in May 2019 and completed in January 2023 with total government contributions of $8.25M, with $5.25M from SDTC and $3M from the ICE Fund, respectively. This final contribution of $803,300 represents a 10% holdback that is awarded once all successful commitments and reporting requirements have been achieved.\"SDTC has been an important contributor to Nano One over the years and has been instrumental in propelling us to where we are today,\" stated Nano One's CEO Mr. Dan Blondal. \"Their funding for this project provided the means to execute our business plans and aided in securing additional support from the capital markets and from various strategically interested parties. With SDTC and ICE Fund support, we grew our team, added to our portfolio of intellectual property and optimized our processing technology and know-how. We believe w...