Bulletin
Investor Alert

New York Markets Close in:

Aug. 11, 2021, 3:07 a.m. EDT

Nano One Provides Quarterly Progress Update and Reports Q2 2021 Results

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Nano One Materials Corp. (LBMB)

or Cancel Already have a watchlist? Log In

A 1,200 sq. ft. dry room has been commissioned for the development of high-nickel materials and the Company has also increased its thermal processing capacity, cell fabrication and testing facilities. The team continues to grow to meet internal (innovation) and external (collaborator) commitments with nearly 50 employees currently.

New Patents

On June 17, 2021, the Company announced three (3) new patents issued and allowed in Canada, the US and China. These patents extend the patent estate to provide protection for lithium-ion cathode powders formed by the proprietary One-Pot Process developed by Nano One.

Financial update

During the six months ended June 30, 2021, Nano One generated a net increase in cash and cash equivalents of approximately $27,565,000 inclusive of a short-form prospectus financing of common shares which completed on April 1, 2021 for gross proceeds of approximately $28,900,000.

Other key contributors to the increase in cash and cash equivalents were:

  • Exercises of stock options and warrants for total proceeds of approximately $4,548,000; and

  • Proceeds from Government assistance programs mainly comprising $262,500 from Sustainable Development Technology Canada ("SDTC").

During the three and six months ended June 30, 2021, the Company significantly increased its research expenditures in relation to its Framework Cooperation Agreement executed with CBMM (May 2021), aimed at optimizing Nano One's patented One-Pot process for nickel rich cathode materials using CBMM's niobium as a protective coating. Additionally, there has been a significant focus on efforts relating to the Joint Development Agreement signed with an Asian cathode manufacturer (August 2020) which is focused on LNMO cathode materials with work shifting to scale-up considerations, detailed economic analysis, third-party evaluation, and preliminary planning for commercialization. Significant progress was also made in LNMO scale up and optimization. Lastly, the Company is also progressing scaling efforts relating to the Cathode Evaluation Agreement (December 2020) with an American based multinational auto manufacturer to jointly evaluate the performance and commercial benefit of Nano One's patented One-Pot process for Nickel Manganese Cobalt ("NMC") and cobalt-free cathode materials in electric vehicle applications.

Accordingly, the Company incurred research expenses of approximately $956,000 and $1,000,000 for the three and six months ended June 30, 2021, respectively and purchased/made deposits for research and development equipment, computer equipment and software, and leasehold improvements of approximately $877,000. Increased capital expenditures are facilitated by the expansion in Nano One's human resources personnel and the addition of 10,000 sq. ft. of research facilities.

As at June 30, 2021, Nano One had working capital of approximately $55,100,000, total assets of approximately $58,000,000 and total liabilities of approximately $1,300,000. All currency is in Canadian dollars unless otherwise specified.

For a more detailed discussion of Nano One's second quarter and year to date 2021 results, please refer to the Company's financial statements and management's discussion & analysis, which are available at www.sedar.com .

About Nano One

Nano One Materials Corp (Nano One) is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. The technology is applicable to electric vehicle, energy storage, consumer electronic and next generation batteries in the global push for a zero-emission future. Nano One's One-Pot process, its coated nanocrystal materials and its Metal to Cathode Active Material (M2CAM) technologies address fundamental performance needs and supply chain constraints while reducing costs and carbon footprint. Nano One has received funding from various government programs and the current "Scaling of Advanced Battery Materials Project" is supported by Sustainable Development Technology Canada (SDTC) and the Innovative Clean Energy (ICE) Fund of the Province of British Columbia. For more information, please visit www.nanoone.ca .

Company Contact:
Paul Guedes
info@nanoone.ca
(604) 420-2041

Media Contact:
Chelsea Lauber
Antenna Group for Nano One
nanoone@antennagroup.com
(646) 854-8721

Certain information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking information in this news release includes, but is not limited to, statements with respect to: the Companies Q2 2021 operational updates; future collaboration projects that may be put into place; the execution of the Company's plans, development of materials, methods of production and study for pre-pilot, pilot and scaled up manufacturing on the path to commercialization which are contingent on such support and awards and the commercialization of the Company's technology and patents. Generally, forward-looking information can be identified by the use of terminology such as 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing', 'target', 'goal', 'potential' or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the current opinions and estimates of management as of the date such statements are made are not, and cannot be, a guarantee of future results or events. Forward-looking statements 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 but not limited to: any future collaborations that may happen with partners such as CBMM, Johnson Matthey or any others that may occur; the Company's ability to achieve its stated goals; the commercialization of the Company's technology and patents; the execution of the Company's plans, development of materials, methods of production and study for pre-pilot, pilot and scaled up manufacturing on the path to commercialization; and other risk factors as identified in Nano One's MD&A and its Annual Information Form dated March 15, 2021, both for the year ended December 31, 2020, and in recent securities filings for the Company which is available at www.sedar.com . 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 any obligation to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. 

### 

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/92780

COMTEX_391373213/2523/2021-08-11T03:06:47

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

copyright (c) newsfile corp. 2021. all rights reserved

1 2
This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.