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Nano One reported its Q1 2024 results, highlighting significant financial and strategic developments. The company ended the period with $23.1 million in cash and $21.2 million in working capital. A strategic alliance and licensing agreement were signed with Worley to develop and market One-Pot enabled cathode plant designs. This includes a 20-year license agreement for CAM packages.
The company is focused on optimizing and validating its LFP production, aiming for 1,000-2,000 tpa capacity at its Candiac facility and supporting a future 25,000 tpa LFP plant. Financially, Nano One showed a reduction in operating cash use, with total assets of $41.1 million and liabilities of $5.3 million, with no long-term debt. The shareholders' meeting is rescheduled to August 1, 2024.
Nano One and Worley have signed a Strategic Alliance Agreement and License Agreement to jointly develop, market, and deploy a cathode plant design. The agreements aim to accelerate the deployment of One-Pot enabled cathode plant design with a design-once-build-many growth strategy. Worley will design reactors optimized for the One-Pot process, while Nano One brings its patented One-Pot process and innovation hub. The partnership is expected to reduce risk, cost, and accelerate project certainty in the production of lithium-ion battery cathode materials.