Posted on 09 Oct 2023
Nano One Materials confirmed the completion of the CAD 16.9 million ($12.3m) equity investment by Sumitomo Metal Mining (SMM), a deal first announced last month.
The transaction, which was expected to close within 30 days, was completed in just over a week, Kallanish notes. Tokyo-based SMM purchased nearly 5.5m of Nano One’s common shares, gaining a 5% stake in the company.
The companies are now under a collaboration agreement that aims to accelerate the commercial production of lithium iron phosphate (LFP), cathode active materials (CAM) and nickel-rich CAM chemistries.
In a company video, Nano One chief operating officer Alex Holmes said he sees the collaboration “as an opportunity to capture a large portion of the growing LFP market through production, licencing and joint ventures in Japan, North America and other key markets.”
The agreement will primarily focus on the development of battery ecosystems, according to Nano One. In tandem, the production of LFP and lithium nickel manganese cobalt oxide (NMC) using Nano One’s One-pot process will be an important consideration. Additionally, SMM and Nano One will explore technical product optimisation and ways to mitigate supply chain risks.
Nano One says it will put most of the funding toward converting its LFP manufacturing facility in Candiac, Québec, to a “one-pot” production-scale pilot plant. One-pot LFP trials have been ongoing at the plant since January, with the company reporting positive results. The Canadian company will also explore nickel- and manganese-rich cam pilots, with some funds earmarked for working capital needs.
SMM, a vertically-integrated miner, refiner and CAM producer, added LFP to its CAM portfolio in 2022.
Source:Kallanish
