VANCOUVER, British Columbia, Aug. 03, 2016 (GLOBE NEWSWIRE) -- Dan Blondal, CEO of Nano One Materials Corp. (TSX-V:NNO) (FSE:LBMB), confirms that Nano One has successfully executed its Contribution Agreement with Sustainable Development Technology Canada (“SDTC”) for a $2.08 million technology commercialization grant and has received an initial installment of $488,944 for the first phase of its lithium battery materials pilot plant project.
“This is the first of four installments from SDTC,” explains Mr Blondal, “and it supports phase 1 procurement and construction of Nano One’s pilot plant. We initiated the project on June 1 and have already begun issuing purchase orders for capital equipment with long lead times. We remain on track to complete construction early in 2017 and with interest already coming from global battery players, we are well positioned to advance our strategic objectives.”
The grant proceeds are non-dilutive, non-repayable and will be awarded in installments over the build, commission and demonstration phases with a 10% holdback awarded upon completion of the project. Funds are dispersed at the beginning of each phase and are subject to Nano One meeting milestones and having matching funds in place.
Mr. Blondal adds, “The lithium ion cathode materials market is valued at $3B and growing at double digit rates annually, driven primarily by emerging markets in electric vehicle and renewable energy storage. Advanced cathode materials are complex mixed metal structures that will require process innovations for producers to remain competitive. Our patented technology is aimed squarely at addressing this need and is based on scalable methods that can be adapted to address a wide range of materials markets. Our goals for the pilot are to showcase the versatility of our technology at scale, to demonstrate cost and performance advantages and to solidify commercial relationships with third party interests.”
“SDTC funds clean technology companies at the piloting stage and we are proud to be a recipient of their support. It validates our unique approach and provides valuable leverage to investors and strategic interests. We look forward to advancing the pilot project and sharing news as the facility takes form.”
Nano One Materials Corp.
Dan Blondal, CEO
For information with respect to Nano One or the contents of this news release, please contact John Lando (President) at (604) 669-2701 or visit the website at www.nanoone.ca.
About Nano One
Nano One Materials Corp (“Nano One” or “the Company”) is developing novel and scalable processing technology for the low-cost production of high performance battery materials used in electric vehicles, energy storage and consumer electronics. The patented technology can be configured for a wide range of nanostructured materials and has the flexibility to shift with emerging and future battery market trends and a diverse range of other growth opportunities. The novel three-stage process uses equipment common to industry and is being engineered for high volume production and rapid commercialization. Nano One’s mission is to establish its patented technology as a leading platform for the global production of a new generation of nanostructured composite materials. For more information, please visit nanoone.ca.
Sustainable Development Technology Canada (SDTC) acts as a primary catalyst in building a sustainable development technology industry in Canada, funding and supporting Canadian cleantech projects across a number of sectors. SDTC invests in Canadian companies that through their innovative technologies bring positive contributions to Canada: creating quality jobs, driving economic growth, and preserving our environment. SDTC is a foundation funded by the Government of Canada. For more information, please visit sdtc.ca.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the actual receipt of the grant monies, the execution of the Company’s plans which are contingent on the receipt of such monies and the commercialization of the Company’s technology and patents. Generally, forward-looking information can be identified by the use of forward-looking terminology such as ‘believe’, ‘expect’, ‘anticipate’, ‘plan’, ‘intend’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’, ‘ongoing’, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they 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: the completion of final documentation with SDTC and the receipt of all necessary regulatory approvals. 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 to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.
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Source:Nano One Materials Corp.