Nano One Materials - CEO, Dan Blondal.
CEO, Dan Blondal.
Source: Nano One Materials.
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  • Nano One (NANO) has reported Q1 results including lower debt and progressing research initiatives
  • The company is building a team to capitalize on the demand for lithium iron phosphate
  • Its supply chain for niobium-coated cathode materials with CBMM has successfully entered phase two on its path toward commercial viability
  • Nano One produces high-performance lithium-ion battery cathode materials
  • Nano One (NANO) is up by 7.14 per cent trading at $1.50 per share

Nano One (NANO) has reported Q1 results including lower debt and progressing research initiatives.

Q1 2022 financial highlights

  • Gross expenditures on research activities of ~C$1,700,000, down from ~$800,000 in Q4 2021 and ~$800,000 in Q1 2021
  • Purchases and deposits on corporate and laboratory equipment of ~$300,000 before allocations of government grant funding as reimbursements
  • Net use of cash of ~$3,900,000 to facilitate operational and strategic efforts
  • Total assets of ~$51,400,000, down from ~$55,400,000 on December 31, 2021
  • Total liabilities of ~$1,400,000, down from ~$1,600,000 on December 31, 2021
  • Cash inflows include exercises of stock options and warrants for  ~$60,000 and proceeds from government programs of ~$68,000

Lithium iron phosphate (LFP) opportunity

LFP demand is currently driven by automotive OEMs and other markets pushing for an accessible battery supply chain in North America, Europe and India.

Nano One’s method of making LFP, using its One-Pot Process, is lower cost and eliminates the need for iron phosphate, making it greener, more competitive and adaptable to North American and Europe-based supply chains.

The company will 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 initiatives

Nano One will be receiving advisory services and funding of up to $404,000 from the National Research Council of Canada Industrial Research Assistance Program 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 cathode active materials (CAM), specifically as it relates to metal feedstocks.

Successful completion of phase one of co-development agreement with CBMM

The company completed phase one of its lithium-ion battery cathode materials coating development agreement with CBMM, the world’s leading supplier of niobium products and technology.

Nano One successfully demonstrated how CBMM’s niobium can form a protective coating on Nano One’s single nanocrystal NMC cathode active materials to enhance durability.

The next two phases will focus on the niobium coating of even higher nickel NMC. This will include scaling of the One-Pot coating technology to demonstrate commercial viability and validate the supply chain for the niobium-coated cathode materials.

Engineering study supports the benefits of the One-Pot Process and M2CAM

The company successfully completed an industrial-scale engineering study conducted by Hatch, a leading global engineering firm. The study supports that Nano One’s patented One-Pot M2CAM process offers both environmental and potential economic benefits when compared to conventional cathode manufacturing processes.

Conventional cathode manufacturing produces approximately 1.8 times more weight in sodium sulfate waste than it does in CAM product, whereas Nano One’s process produces no waste. It is estimated the One-Pot M2CAM process also reduces water consumption by approximately 60 per cent prior to recycling.

The study also notes opportunities for further cost savings, which the company is currently focused on implementing.

Nano One is a clean technology company that produces high-performance lithium-ion battery cathode materials.

Nano One (NANO) is up by 7.14 per cent trading at $1.50 per share as of 9:49 am EST.

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