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Nano One Materials receives final payment under Automotive Supplier Innovation Program following successful completion of pilot lithium battery project

In 2016, the company began the C$1.95 million project to help research and develop four different cathode materials for lithium-ion batteries for use in autos

lithium
Nano One also received final payment of a $241,224 grant under the Innovation Assistance Program, which subsidizes COVID-19-impacted wages

Nano One Materials Corp (CVE:NNO) (OTCPINK:NNOMF) said Monday it has received the final payment under a C$1.95 million program following the successful completion of a pilot plant project with the Automotive Supplier Innovation Program (ASIP). 

The ASIP program is administered by the Strategic Innovation Fund of Innovation Science and Economic Development (ISED) Canada. Nano One's project began in June 2016 and involved the research and development of four different cathode materials for lithium-ion batteries for use in automotive applications. 

The company just recently received its last payment for $217,446 under the program, according to a statement. 

READ: Nano One Materials engages strategic advisor as development of its lithium-ion battery technology advances

Nano One also received the final payment of C$46,618, of $241,224 total, in respect to the Innovation Assistance Program administered by the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP). 

The program is a COVID-19 wage subsidy program from the Government of Canada for the 12-week period from April 1 to June 24.

Nano One also said it is encouraged by the support of its shareholders for the recent exercises of share purchase warrants for total proceeds of $288,000. 

A total of 180,000 share purchase warrants were exercised between July 9 and July 17, including finders' incentive, and regular warrants in aggregate, at a weighted average exercise price of $1.60 per share.

In other news, Nano One has granted 1,140,000 incentive stock options with an exercise price of $2.52 to directors and officers of the company.

Vancouver-based Nano One is developing patented technology for the low-cost production of high-performance lithium-ion battery cathode materials for electric vehicles, energy storage and consumer electronics.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: Nano One Materials Corp.

Price: 2.77 CAD

TSX-V:NNO
Market: TSX-V
Market Cap: $220.67 m
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