Quebec Awards $18 Million to Support Production of Lithium Iron Batteries

Sponsored:

Monday, December 9, 2024

LFP Cathodes are made from lithium, iron and phosphate. They are highly safe and thermally stable, possess a long lifespan and consistent performance over many charge cycles, and can lower costs and reduce reliance on scarce materials like cobalt and nickel. Shares of this firm are trading higher on Monday afternoon after a funding announcement.

Nano One Materials Candiac, a subsidiary of Nano One® Materials Corp., (TSX:NANO) (OTC PINK:NNOMF) has secured C$18 million in funding from the Government of Québec. The financing includes a C$15 million loan from the Ministry of the Economy, Innovation and Energy (MEIE), facilitated by Investissement Québec, and a C$3 million grant from the Ministry of the Environment, Climate Change, Wildlife and Parks via the Technoclimat program. This funding will support the piloting and commercialization of Nano One's patented One-Pot™ process and expand production capacity at its Candiac plant.

The One-Pot process streamlines lithium iron phosphate (LFP) cathode production by integrating precursor and lithium addition steps, enabling efficient thermal processing and eliminating sodium sulfate wastewater. This approach can lower costs, energy use, and environmental impact while simplifying facility construction and operation. Depending on energy sources and location, the process could cut greenhouse gas emissions by up to 50 percent, according to a 2023 life cycle assessment by Minviro.

Sponsored: