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Nano One Materials and global auto manufacturer to jointly evaluate its cathode materials for lithium-ion batteries

The goal is to evaluate the performance and commercial benefit of Nano One's patented One-Pot process for nickel-rich and cobalt-free cathode materials in EV applications

Nano One Materials Corp. - Nano One Materials Corp enters into an evaluation agreement with an American-based multinational auto manufacturer to jointly evaluate Nano One's cathode materials for automotive lithium-ion batteries
The agreement formalizes efforts that began earlier this year and aligns Nano One with its second major automotive company

Nano One Materials Corp (CVE:NNO) (OTCPINK:NNOMF) (FRA:LBMB) announced Friday that it has entered into a cathode evaluation and benchmark agreement with a multinational auto manufacturer to jointly evaluate Nano One's cathode materials for automotive lithium-ion batteries. 

Financial compensation towards the project is confidential, Nano One noted in a statement. 

"The goal of this project is to evaluate the performance and commercial benefit of Nano One's patented One-Pot process for nickel-rich and cobalt-free cathode materials in electric vehicle applications," said Hamutal Ben Bassat, VP of business development for Nano One. 

READ: Nano One Materials says test results confirm the stability of its LNM batteries to operate at high temperatures

"This agreement formalizes efforts that began earlier this year and aligns Nano One with its second major automotive company. These are formative steps in developing a long term relationship. We are confident that given economic viability, it will lead to commercial opportunities and strategies to integrate Nano One's technologies into the electric vehicle value chain,” she added.

Vancouver-based Nano One said its One-Pot process forms durable single crystal cathode powders and protective coatings simultaneously, directly from sulfate-free metal salts and lithium carbonate. It is an environmentally inspired process using limited water and produces no waste stream. 

The process also eliminates intermediate products, additional coating steps, and the costly requirements for metal-sulfates and lithium hydroxide feedstocks. This aligns Nano One with the sustainability and cost objectives of automotive companies, investment communities, and governmental infrastructure initiatives.

Nano One CEO Dan Blondal said: "We have added a major global EV leader to our pipeline of opportunities and we aim to develop this relationship into a long-term commercial arrangement. We are well-positioned with many strategic opportunities and we have the momentum, core competency and working capital to execute on our business plans."

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: Nano One Materials Corp.

Price: 5.61 CAD

TSX-V:NNO
Market: TSX-V
Market Cap: $485.28 m
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