Nano One Reports Q3 2024 Results and Provides Update
Nano One Materials, a clean technology company specializing in lithium-ion battery cathode materials, reported Q3 2024 results with total net assets of $26.9 million and working capital of $10.9 million. Key developments include: closing a $5.0 million sale of vacant land, receiving a US$12.9 million award from the US Department of Defense, and streamlining operations to focus on LFP production and licensing. The company amended its SDTC agreement, reducing projected reimbursements to $6.7 million, and appointed Anthony Tse as new Board Chair. Their Candiac facility can produce cathode materials at commercial scale with expansion capacity up to 2,000 tpa.
Nano One Materials, un'azienda di tecnologia pulita specializzata in materiali per catodi di batterie agli ioni di litio, ha riportato i risultati del terzo trimestre 2024 con un totale di attivi netti di 26,9 milioni di dollari e un capitale circolante di 10,9 milioni di dollari. Le principali novità includono: la conclusione della vendita di terreni vuoti per 5,0 milioni di dollari, l'assegnazione di un premio di 12,9 milioni di dollari USA dal Dipartimento della Difesa degli Stati Uniti e l'ottimizzazione delle operazioni per concentrarsi sulla produzione e licenza di LFP. L'azienda ha modificato il suo accordo con SDTC, riducendo le rimborsabilità previste a 6,7 milioni di dollari, e ha nominato Anthony Tse come nuovo presidente del Consiglio. Il loro stabilimento di Candiac può produrre materiali per catodi su scala commerciale con una capacità di espansione fino a 2.000 tonnellate all'anno.
Nano One Materials, una empresa de tecnología limpia especializada en materiales para cátodos de baterías de iones de litio, informó sobre los resultados del tercer trimestre de 2024 con activos netos totales de 26,9 millones de dólares y capital de trabajo de 10,9 millones de dólares. Los principales desarrollos incluyen: la finalización de la venta de terrenos vacantes por 5,0 millones de dólares, la recepción de un premio de 12,9 millones de dólares estadounidenses del Departamento de Defensa de EE. UU., y la optimización de las operaciones para enfocarse en la producción y licencia de LFP. La empresa modificó su acuerdo con SDTC, reduciendo los reembolsos proyectados a 6,7 millones de dólares, y nombró a Anthony Tse como nuevo presidente de la Junta. Su instalación en Candiac puede producir materiales para cátodos a escala comercial con capacidad de expansión de hasta 2.000 toneladas por año.
Nano One Materials는 리튬 이온 배터리 음극재에 특화된 청정 기술 회사로, 2024년 3분기 결과를 보고하며 총 순자산은 2,690만 달러, 운영 자본은 1,090만 달러에 달한다고 발표했습니다. 주요 개발 사항으로는: 500만 달러에 공터를 매각한 것, 미국 국방부로부터 1,290만 달러의 보조금을 받은 것, LFP 생산 및 라이선스에 집중하기 위해 운영을 간소화한 것이 있습니다. 이 회사는 SDTC 계약을 수정하여 예상 환급액을 670만 달러로 줄였으며, Anthony Tse를 새로운 이사회 의장으로 임명했습니다. 그들의 Candiac 시설은 상업적 규모로 음극재를 생산할 수 있으며 연간 최대 2,000 톤의 확대 용량을 가지고 있습니다.
Nano One Materials, une entreprise de technologie propre spécialisée dans les matériaux de cathode pour batteries lithium-ion, a publié ses résultats du troisième trimestre 2024 avec un total d'actifs nets de 26,9 millions de dollars et un fonds de roulement de 10,9 millions de dollars. Les développements clés comprennent : la conclusion d'une vente de terrains vacants pour 5,0 millions de dollars, la réception d'une aide de 12,9 millions de dollars du Département de la Défense des États-Unis, et la rationalisation des opérations afin de se concentrer sur la production et la licence de LFP. L'entreprise a modifié son accord avec le SDTC, réduisant les remboursements prévus à 6,7 millions de dollars, et a nommé Anthony Tse comme nouveau président du conseil. Leur usine de Candiac peut produire des matériaux de cathode à l'échelle commerciale avec une capacité d'expansion allant jusqu'à 2 000 tonnes par an.
Nano One Materials, ein Unternehmen für saubere Technologien, das sich auf Kathodenmaterialien für Lithium-Ionen-Batterien spezialisiert hat, berichtete über die Ergebnisse des dritten Quartals 2024 mit Gesamtnettowert von 26,9 Millionen US-Dollar und Betriebskapital von 10,9 Millionen US-Dollar. Zu den wichtigsten Entwicklungen gehören: der Abschluss eines Verkaufs ungenutzter Grundstücke für 5,0 Millionen US-Dollar, der Erhalt eines 12,9 Millionen US-Dollar Preises vom US-Verteidigungsministerium und die Straffung der Abläufe, um sich auf die Produktion und Lizenzierung von LFP zu konzentrieren. Das Unternehmen änderte seinen SDTC-Vertrag und reduzierte die prognostizierten Rückerstattungen auf 6,7 Millionen US-Dollar und ernannte Anthony Tse zum neuen Vorsitzenden des Vorstands. Ihre Anlage in Candiac kann Kathodenmaterialien im kommerziellen Maßstab produzieren und hat eine Erweiterungskapazität von bis zu 2.000 Tonnen pro Jahr.
- Secured US$12.9 million (~$17.8 million) funding from US Department of Defense
- Generated $5.0 million from sale of vacant land
- Maintains strong financial position with $26.9 million in total net assets
- Commercial-scale production capability with 2,000 tpa expansion potential at Candiac facility
- Reduction in SDTC project reimbursements from $10 million to $6.7 million
- Streamlining operations indicates cost-cutting measures
VANCOUVER, BC / ACCESSWIRE / November 13, 2024 /
Q3 2024 Results and Subsequent Events - Highlights and Headlines:
Streamlining operations and increasing focus on LFP production and licensing
Closing on
$5.0 million sale of vacant landAward of US
$12.9 million from the Department of Defense (DoD) of the USAAppointment of Anthony Tse as New Chair of the Board of Directors
Total net assets of
$26.9 million and working capital of$10.9 million at Q3 2024 period endSDTC project update
Nano One® Materials Corp. ("Nano One" or the "Company") is a clean technology company with patented processes for the low-cost, low-GHG production of lithium-ion battery cathode active materials ("CAM").
Nano One has filed its condensed interim consolidated financial statements (the "financial statements") and management's discussion & analysis ("MD&A") as at and for the nine months ended September 30, 2024 ("Q3 2024") and is pleased to provide a summary and an update on subsequent events.
Streamlining Operations to Focus on LFP Commercialization
In August 2024, the Company announced the streamlining of its operations, allowing for increased focus on lithium iron phosphate ("LFP"), joint ventures, contracted projects, accelerated path to revenue generation, and growth through licensing. The Company announced its commitment to controlling costs and focusing on near-term commercialization targets.
Nano One has the goal of licensing its One-Pot LFP CAM packages, globally, to chemicals, materials, and energy companies looking to produce CAM for the battery market in EV and ESS applications. Shareholder value will be created with increased market penetration through the Company's partnership channels, with the low cost of capital from its licensees, and by diversifying revenue exposure via the Worley Chemetics alliance to include equipment procurement, along with licensing fees and revenues from its plant in Candiac, Québec.
The Company's piloting facility in Candiac provides a distinct advantage in North America as it can produce cathode materials at a commercially relevant scale today with the capability of expanding capacity up to 2,000 tpa. The facility will serve a robust pipeline of potential LFP CAM customers that include automotive, energy and stationary storage and US government contractors, and will be the basis and center of excellence for much larger facilities via the Company's "Design One, Build Many" licensing and growth strategy.
Nano One closes on
In September 2024, the Company announced closing on the sale of vacant land which was part of the 2022 acquisition of Johnson Matthey Battery Materials Canada Ltd., for gross proceeds of
The proceeds from the sale provides capital that supports the LFP cathode manufacturing facility on the remaining property in Candiac, Québec and the innovation hub in Burnaby, British Columbia. These existing facilities remain the launch pad for the Nano One's growth strategy and a clear path to first revenue and larger offtakes.
Department of Defense awards Nano One US
In September 2024, the Company announced the award of US
Appointment of Industry Veteran Anthony Tse as New Chair of the Board of Directors
Effective October 1, 2024, the Company appointed Mr. Anthony Tse as the new Chair of the Board of Directors succeeding Paul Matysek, who is the founding Chair of Nano One and resigned as part of a planned transition to an advisory role that supports the incoming Chair and Board.
SDTC First Amendment to Project Funding Agreement
Under its February 2023 agreement with Sustainable Development Technology Canada (SDTC), Nano One was to be reimbursed for up to
To re-align the SDTC program with the Company's focus on LFP and commercialization as announced on August 22, 2024, Nano One and SDTC executed an amended agreement, on November 6, 2024, that changed the scope of the project to exclude the MCPH component of the program and include certain feasibility and engineering expenses ("FEL3") related to the development of a larger LFP CAM facility (the "Development Project"). This amendment helped reduce overall project costs to Nano One and as such, it also reduced the projected reimbursements from SDTC for these expenses to approximately
Q3 2024 - Financial Position
As at September 30, 2024, the Company's total net assets and working capital were
For a more detailed discussion of Nano One's Q3 2024 interim results, please refer to the Company's financial statements, and MD&A, which are available at www.sedarplus.ca.
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About Nano One®
Nano One® Materials Corp. (Nano One) is a clean technology company changing how the world makes cathode active materials for lithium-ion batteries. Applications include electric vehicles (EVs), stationary energy storage systems (ESS), and consumer electronics. The Company's patented One-Pot process reduces costs, carbon intensity (lower GHGs), environmental footprint, and reliance on problematic supply chains. Scalability is proven and being demonstrated at Nano One's LFP (lithium-iron-phosphate) pilot production plant in Québec-the only facility and expertise of its kind outside of Asia. Strategic collaborations and partnerships with international companies like Sumitomo Metal Mining, Rio Tinto, and Worley are supporting a global growth strategy via technology licensing and joint ventures. Nano One has received funding fromthe Government of Canada, the Government of the United States and the Government of British Columbia. The company is leveraging deep industry expertise and plans to license and deploy cleaner cathode manufacturing plant design packages-delivering cost-competitive and faster-to-market battery materials solutions world-wide.
For more information, please visit www.nanoone.ca
Company Contact:
Paul Guedes
info@nanoone.ca
(604) 420-2041
Cautionary Notes and Forward-looking Statements
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: streamlining operations, LFP production, joint ventures, contracted projects, revenue generation, operational growth, licensing, offtakes, capacity expansion through use of funding from the DoD, funding from SDTC, the development of technology, supply chains, and plans for construction and operation of cathode production facilities and Development Project; the Company's current and future business and strategies; estimated future working capital, funds available, and uses of funds, future capital expenditures and other expenses for commercial operations; industry demand; incurrence of costs; competitive conditions; general economic conditions; the intention to grow the business, operations and potential activities of the Company; the functions and intended benefits of Nano One's technology and products; the development and optimization of the Company's technology and products; prospective partnerships and the anticipated benefits of the Company's partnerships; the Company's licensing and, the scalability of developed technology to meet expanded capacity; and the execution of the Company's stated plans - which are contingent on access to capital and grants. 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: general and global economic and regulatory changes; next steps and timely execution of the Company's business plans; the development of technology, supply chains, and plans for construction and operation of cathode production facilities; successful current or future collaborations that may happen with OEM's, miners or others; the execution of the Company's plans which are contingent on support and grants; the Company's ability to achieve its stated goals; the commercialization of the Company's technology and patents via license, joint venture and independent production; anticipated global demand and projected growth for LFP batteries; and other risk factors as identified in Nano One's MD&A and its Annual Information Form dated March 27, 2024, both for the year ended December 31, 2023, and in recent securities filings for the Company which are available at www.sedarplus.ca. 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.
SOURCE: Nano One Materials Corp.
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