Nano One Receives Funding from the Government of Canada to Improve Durability of Lithium Ion Batteries
August 15, 2018 (Source) — Dan Blondal, CEO of Nano One Materials (TSXV: NNO) (OTC Pink: NNOMF) (FSE: LBMB) , is pleased to announce the launch of a project focused on improving the durability of lithium ion cathode materials with the support of the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP).
NRC IRAP will support Nano One’s project to develop Coatings for High Durability Lithium ion Battery Cathodes and will contribute up to $349,000 in non-dilutive and non-repayable funds between August 1, 2018 and May 31, 2020.
“NRC IRAP has been a strong supporter of Nano One since 2014 and we are honoured to embark on our fourth project with them,” said Mr. Blondal. “The work will be directed to improving lithium ion cathode durability and stability, and it will build on the success of our NRC IRAP High Voltage Spinel project and leverage resulting patent applications.”
The automotive industry is seeking higher levels of energy density to extend the range of electric vehicles. The tradeoff for higher energy densities is reduced levels of material stability and durability. A range of dopants and coatings have been identified that could reduce instability and durability in high energy cathode materials and it is the goal of this project to determine the optimum combination. Based on strong market interest, High Voltage Spinel (HVS) will serve as the material of focus for the project as it is both cobalt free and a strong candidate as cathode material for next generation solid state batteries. Results from the project will be applied to other high nickel materials including NMC622.
Nano One currently has active contribution agreements with NRC IRAP, Sustainable Development Technology Canada and the Automotive Supplier Innovation Program – all programs of the Government of Canada. Combined, these funding sources are projected to extend Nano One’s operating capital into Q1 2020.
Mr. Blondal added: “We are excited to begin a focused effort on the critical challenge of stabilizing high energy cathode materials. We have a proprietary, advantageous and low cost method of applying coatings and dopants to cathode materials and this project will industrialize the process to further differentiate Nano One’s commercial offering.”
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Nano One Materials Corp.
Dan Blondal, CEO
About Nano One:
Nano One Materials Corp (“Nano One” or “the Company”) is developing patented technology for the low-cost production of high performance battery materials used in electric vehicles, energy storage and consumer electronics. The processing technology addresses fundamental supply chain constraints by enabling wider raw materials specifications for use in lithium ion batteries. The process can be configured for a range of different 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 Nano One has built a pilot plant to demonstrate high volume production and to optimize its technology across a range of materials. The pilot plant is being funded with the assistance and support of the Government of Canada through Sustainable Development Technology Canada (SDTC) and the Automotive Supplier Innovation Program (ASIP) a program of Innovation, Science and Economic Development Canada ISED). Nano One also receives financial support from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). 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 www.nanoone.ca
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, the execution of the Company’s plans which are contingent on the receipt of grant monies and the commercialization of the Company’s technology and patents. Generally, forward-looking information can be identified by the use of forward-looking terminology such as ‘believe’, ‘expect’, ‘anticipate’, ‘plan’, ‘intend’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’, ‘ongoing’, or variations of such words and phrases or statements 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 ability of the Company to obtain additional financing; including the receipt of grant monies from SDTC, ASIP, NRC IRAP 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 statements and forward-looking information. The Company does not 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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