Posted on 27 Sep 2023
Sumitomo Metal Mining and Nano One, a clean technology company based in Canada, have entered into a collaboration agreement that supports battery ecosystem development.
As part of the agreement, Tokyo-based SMM is making a CAD 16.9 million ($12.5m) equity investment into Nano One. On closing, which is expected within 30 days, Nano One will issue nearly 5.5m common shares. The firms will explore opportunities for business development together, including long-term partnerships and licensing technology.
SMM added lithium iron phosphate (LFP) to its cathode active materials (CAM) product portfolio in 2022, Kallanish notes. The Japanese firm has been mining, smelting, refining and processing metals for over 400 years.
“Nano One is … aligned with our belief that less waste and energy-intensive CAM production technology is one of the most important keys to contribute to developing EV markets,” says Katsuya Tanaka, an executive at SMM. “This is particularly important in Japan, North America and other emerging markets where the race to meet net-zero goals and establish battery supply chains is just beginning.”
The companies intend to continue development on the commercial production of LFP CAM and nickel-rich CAM chemistries, placing particular focus on using Nano One’s patented One-Pot process. This might include large scale production in Asia (excluding China) and other markets such as Europe, North America and the Indo-Pacific region, they say in a joint statement.
Nano One is working to build a commercial LFP CAM plant in Candiac, Québec, for which front-end loading pre-feasibility study results are expected soon.
Last week, the governments of Canada and Japan signed a memorandum of cooperation to work together on improving the global battery supply chain (see related story).
Source:Kallanish
