Nano One Materials Corp. (“Nano One”) (TSX.V: NNO) is pleased to announce that it has been approved for a $2.08 million technology commercialization grant from Sustainable Development Technology Canada (“SDTC”).
The proceeds will be non-dilutive and non-repayable and they will help fund the design, construction, optimization and demonstration of Nano One’s Demonstration Pilot Plant for the production of lithium ion battery cathode materials.
The pilot plant will be used to showcase Nano One’s patented technology and demonstrate cost, scalability and performance to third party strategic interests. The pilot plant is being designed to produce approximately ten (10) kilogram batches of various lithium ion cathode materials that are strategically important to electric vehicle, grid storage and consumer electronic batteries.
“Sustainable Development Technology Canada is incredibly proud to support Nano One” said Leah Lawrence, President and CEO. “Our mission is to help Canadian cleantech entrepreneurs move their ground-breaking technologies to commercialization by bridging the funding gap between research and market entry. Nano One’s battery materials pilot plant is the kind of technology that has the potential to generate jobs, growth and export opportunities, and to bring lasting economic, environmental and health benefits to Canadians and the world.”
Nano One CEO Dan Blondal says that “SDTC is internationally recognized for their expertise in cleantech investment, and their rigorous due diligence and competitive selection process are strong endorsements of our project. SDTC is very supportive of their portfolio companies so we are honored to have earned their confidence and to be participating in Canadian economic growth and environmental stewardship.”
“This project will help Nano One further its traction within the lithium ion battery industry,” adds Nano One Chairman Paul Matysek, “and SDTC’s support brings valuable funding and validation while providing the kind of leverage that investors and strategic interests are looking for.”
The project will commence as Nano One and SDTC agree on project details and funds will be disbursed in installments, over a series of milestones, subject to an investment of matching funds from Nano One and other sources.
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.