Nano One Receives $500,000 Installment for Phase 1 of Lithium Battery Materials Pilot Plant
August 03 2016 - 3:32AM
Dan Blondal, CEO of Nano One Materials Corp. (TSX-V:NNO)
(FSE:LBMB), confirms that Nano One has successfully executed its
Contribution Agreement with Sustainable Development Technology
Canada (“SDTC”) for a $2.08 million technology commercialization
grant and has received an initial installment of $488,944 for the
first phase of its lithium battery materials pilot plant project.
“This is the first of four installments from SDTC,”
explains Mr Blondal, “and it supports phase 1 procurement and
construction of Nano One’s pilot plant. We initiated the project on
June 1 and have already begun issuing purchase orders for capital
equipment with long lead times. We remain on track to complete
construction early in 2017 and with interest already coming from
global battery players, we are well positioned to advance our
strategic objectives.”
The grant proceeds are non-dilutive, non-repayable
and will be awarded in installments over the build, commission and
demonstration phases with a 10% holdback awarded upon completion of
the project. Funds are dispersed at the beginning of each phase and
are subject to Nano One meeting milestones and having matching
funds in place.
Mr. Blondal adds, “The lithium ion cathode
materials market is valued at $3B and growing at double digit rates
annually, driven primarily by emerging markets in electric vehicle
and renewable energy storage. Advanced cathode materials are
complex mixed metal structures that will require process
innovations for producers to remain competitive. Our patented
technology is aimed squarely at addressing this need and is based
on scalable methods that can be adapted to address a wide range of
materials markets. Our goals for the pilot are to showcase the
versatility of our technology at scale, to demonstrate cost and
performance advantages and to solidify commercial relationships
with third party interests.”
“SDTC funds clean technology companies at the
piloting stage and we are proud to be a recipient of their support.
It validates our unique approach and provides valuable leverage to
investors and strategic interests. We look forward to advancing the
pilot project and sharing news as the facility takes form.”
Nano One Materials Corp.
Dan Blondal, CEO
For information with respect to Nano One or the
contents of this news release, please contact John Lando
(President) at (604) 669-2701 or visit the website at
www.nanoone.ca.
About Nano One
Nano One Materials Corp (“Nano One” or “the
Company”) is developing novel and scalable processing technology
for the low-cost production of high performance battery materials
used in electric vehicles, energy storage and consumer electronics.
The patented technology can be configured for a wide range of
nanostructured materials and has the flexibility to shift with
emerging and future battery market trends and a diverse range of
other growth opportunities. The novel three-stage process uses
equipment common to industry and is being engineered for high
volume production and rapid commercialization. Nano One’s mission
is to establish its patented technology as a leading platform for
the global production of a new generation of nanostructured
composite materials. For more information, please
visit nanoone.ca.
About SDTC
Sustainable Development Technology Canada (SDTC)
acts as a primary catalyst in building a sustainable development
technology industry in Canada, funding and supporting Canadian
cleantech projects across a number of sectors. SDTC invests in
Canadian companies that through their innovative technologies bring
positive contributions to Canada: creating quality jobs, driving
economic growth, and preserving our environment. SDTC is a
foundation funded by the Government of Canada. For more
information, please visit sdtc.ca.
Certain information contained herein may constitute
“forward-looking information” under Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements with respect to the actual receipt of the
grant monies, the execution of the Company’s plans which are
contingent on the receipt of such monies and the commercialization
of the Company’s technology and patents. Generally, forward-looking
information can be identified by the use of forward-looking
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‘intend’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’,
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that certain actions, events or results “will” occur.
Forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made and they are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of the Company to be materially different from
those expressed or implied by such forward-looking statements or
forward-looking information, including: the completion of final
documentation with SDTC and the receipt of all necessary regulatory
approvals. Although management of the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements or forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
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undertake to update any forward-looking statements or
forward-looking information that is incorporated by reference
herein, except as required by applicable securities laws.
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