Shares of Clean Technology Company Pop on News of U.S. Government Award to Support Expansion

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Thursday, September 26, 2024

This company's patented process reduces costs, carbon intensity (lower GHGs), environmental footprint, and reliance on problematic supply chains in the production of cathode active materials for lithium-ion batteries. And news of an award by the U.S. government is sending shares moving today. 

Nano One® Materials Corp. (TSX:NANO) announced in a press release today that it has been awarded US$12.9 million (~CA$17.8 million) by the U.S. Department of Defense through the Defense Production Act Investments office's Title III program. Nano One is a clean technology company with a patented process for the low-cost, low-GHG production of lithium-ion battery cathode active materials.

The funds will expand capacity at Nano One's Candiac, Québec location, which is North America's only lithium iron phosphate (LFP) production facility and the project will support work underway at the company's facilities in Burnaby, British Columbia, and Candiac, Québec. The award broadly focuses 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 U.S. government.

Shares of Nano One were moving higher in late morning trade.

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