Nano One Materials Corp (CVE:NNO) (OTCPINK:NNOMF) said the Province of British Columbia is contributing around $3.03 million to its ‘Scaling of Advanced Battery Materials Project’ in addition to a previously announced $5.25 million contribution from Sustainable Development Technology Canada (SDTC).
The contribution from the Province is being made as part of a funding partnership with SDTC and augments Nano One's existing project funding agreement with SDTC, executed in September 2019, bringing the total contribution to $8.28 million. Nano One said the original project scope and milestone deliverables remain unchanged.
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in a statement, Nano One’s chief executive, Dan Blondal, said: "Nano One is honoured to have the participation and support of the Province of British Columbia. Three million dollars will add to our multi-year runway and provide additional flexibility in accelerating, scaling and commercializing our lithium ion battery cathode technologies.
"These funds from the Ministry of Energy, Mines and Petroleum Resources leverage project milestones, due diligence and reporting structure already in place with SDTC and will directly support scale-up activities with previously announced collaborators, Volkswagen, Pulead, Saint-Gobain and a number of their peers."
Nano One has developed a technology platform to improve the production and performance of cathode powders used in lithium-ion batteries. The technology can make a wide range of lithium-based composite powders for different battery applications including electric vehicles, e-buses, power tools, renewable energy storage and consumer electronics, as well as next-generation solid-state batteries.
The company is also working collaboratively with global automotive, energy, and supplying companies to improve the cost and durability of lithium-ion batteries and to imbed its technology into manufacturing plans.
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