Nano One has completed a CAD 16.9 million strategic investment agreement and collaboration with Sumitomo Metal Mining. Nano One, a clean technology company with patented processes for producing cathode materials for lithium-ion batteries, has finalized its strategic equity investment and collaboration with Sumitomo Metal Mining (SMM).
SMM acquired 5,498,355 common shares of Nano One in a private placement at a price of CAD 3.07 per share. This represents a total investment in Nano One of CAD 16,9 mln. The acquired shares account for approximately 5% of the currently issued and outstanding shares of Nano One.
The collaboration is expected to further the development, design, construction, and operation of Nano One’s proposed LFP pilot plant. It will also aid in the testing of nickel- and manganese-rich CAMs and Nano One’s inaugural commercial LFP plant.
Nano One plans to allocate this investment primarily for the upgrade of its existing LFP production facility in Candiac to a larger-scale one-pot pilot plant. Additionally, the funds will be used for nickel and manganese engineering, pilot activities, and working capital.