- Nano One Materials and Rio Tinto have announced a strategic partnership
- Rio Tinto has also announced a US$10M investment in Nano One
- Nano One will issue 4,643,148 common shares to Rio Tinto in a private placement
- The funding will accelerate Nano One’s multi-cathode (multi-CAM) commercialization strategy and support cathode active materials (CAM) manufacturing
- Rio Tinto and Nano One will collaborate on a study of Rio Tinto’s battery metal products as feedstock for producing Nano One’s cathode materials
- Rio Tinto will collaborate on technical and business matters about developing, designing, constructing and operating cathode production facilities
- Nano One (NANO) opened trading at C$2.79
Nano One (NANO) and Rio Tinto have agreed to form a strategic partnership to accelerate Nano One’s multi-cathode commercialization strategy.
Rio Tinto has also announced a US$10M investment in Nano One.
The funding will accelerate Nano One’s multi-cathode (multi-CAM) commercialization strategy and support cathode active materials (CAM) manufacturing in Canada for a cleaner and more efficient battery supply chain for North American and overseas markets.
Dan Blondal, CEO of Nano One commented on the partnership.
“The global transition to a low-carbon electrified economy will require millions of tonnes of battery materials, so it is critically important to produce these materials efficiently and with the lowest environmental footprint. Rio Tinto’s partnership and support complement our recent announcement to acquire Johnson Matthey’s LFP business in the nearby community of Candiac, Québec and amplifies the Government of Canada’s Mines-to-Mobility initiative, which aims to encourage a localized battery ecosystem to serve the broader North American market. Rio Tinto brings deep experience in high volume production and technology commercialization, as well as a growing battery metals business. We are excited to be partnering with Rio Tinto, our shared vision will see many opportunities for collaboration as we drive for change.”
Rio Tinto has made a US$10M strategic equity investment in Nano One. On closing, Nano One will issue 4,643,148 common shares to Rio Tinto in a private placement. This investment will be directed towards technology and supply chain development, commercialization, Nano One’s acquisition of the Candiac facility in Québec, its conversion to One-Pot lithium iron phosphate (LFP) and industrial-scale piloting of other Nano One CAM technologies.
Rio Tinto and Nano One will collaborate on a study of Rio Tinto’s battery metal products as feedstock for producing Nano One’s cathode materials. Rio Tinto will contribute know-how from its Critical Minerals and Technology Centre, which has developed unique expertise in the extraction and processing of critical minerals such as lithium and scandium, as well as minerals further to drive the localization of the lithium-ion battery value chain.
Rio Tinto will collaborate on technical and business matters about developing, designing, constructing and operating cathode production facilities. Nano One will issue 1,000,000 non-transferable share purchase warrants to Rio Tinto as consideration for their technical and support services. Each warrant will entitle Rio Tinto to purchase one additional share of Nano One for 12 months from the date of issuance.
Rio Tinto is a mining and metals company operating in 35 countries around the world
Nano One Materials is a clean technology company with a patented industrial process for the low-cost production of high-performance lithium-ion battery cathode materials.
Nano One Materials Corp. (NANO) opened trading at C$2.79.
