(MENAFN- Investor Ideas) Investorideas , a go-to platform for big investing ideas for traders, including cleantech and nanotech Stocks reports on trading for Nano One® Materials Corp. (TSX:NANO ), a clean technology company with a patented process for the low-cost, low-GHG production of lithium-ion battery cathode active materials
The stock is trading at $0.9000, up 0.2000, gaining 28.5714% on volume of over 367,000 shares as of this report. The stock made the TSX top percentage gainers list on news and has a day's high of $0.96.
Nano One announce that it has been awarded US$12.9 million (~CA$17.8 million) by the Department of Defense (DoD) of the United States of America (USA) through the Defense Production Act Investments (DPAI) office's Title III program.
The project will support work underway at the company's facilities in Burnaby, British Columbia, and Candiac, Québec, and is effective for the period from July 1, 2024 through 2026. The funds will expand capacity at Nano One's Candiac, Québec location, which is North America's only lithium iron phosphate (LFP) production facility. The award is broadly focused on improving energy security by accelerating the formation of a resilient industrial base and LFP battery supply chain in the United States and Canada. The project also addresses the energy security requirements of the defense sector by supporting product validation and potential sales with customers that include, as previously disclosed, suppliers to the US government.
"Nano One is committed to resilient battery materials supply chains in North America," said Dan Blondal, CEO and Founder of Nano One, "and commends the US Department of Defense for its support across the lithium-ion battery sector. These funds build on our existing assets in Candiac and other sources of capital to accelerate our partnerships, sales pipeline and commercialization plans while enhancing value for our collaborators and shareholders. DoD's due diligence not only confirms emerging market demand for LFP and its importance to a strong industrial base for energy security, but also recognizes Nano One for its deep know-how, its strategic objectives and for the advantages of its One-Pot LFP production process."
The Government of Canada has also recognized the emerging importance of the LFP supply chain by placing lithium, phosphorous and high-purity iron on the Critical Minerals list.1
The global market has seen a decisive shift towards LFP technology, which offers significant advantages in terms of cost, safety, security of supply, and environmental impact compared to traditional lithium nickel manganese cobalt oxide cathode materials. LFP is suited to high-volume, heavy-duty applications in stationary energy storage systems (ESS) and electric vehicles (EV). In China's local market, LFP batteries accounted for 65% of the country's total battery output in the first six months of 20232. Globally, China dominates approximately 95% of the world's LFP production capacity3. North America and other jurisdictions are responding to this competitive threat and preparing for similar levels of demand by supporting companies like Nano One and first-of-a-kind technologies that can help establish reliable, secure and independent supply chains.
Nano One's patented One-Pot process eliminates wastewater treatment and upstream chemical conversion steps by combining the production of precursor CAM (pCAM) and CAM. These innovations drive down cost, energy intensity and environmental permitting challenges at an industrial scale; could enable free-trading sources of raw material inputs; and could accelerate the adoption of LFP for stationary ESS and EV applications in North America.
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