Nano One (TSXV: $NNO) (OTC Pink: $NNOMF) Awarded $1.9M In Additional Support From Canadian Government
Vancouver, British Columbia - December 5, 2016 (Newsfile Corp.) (Investorideas.com Newswire) Nano One Materials Corp. (TSXV: NNO) (OTC Pink: NNOMF) (FSE: LBMB) announced today that it has been awarded up to $1.9 million from Innovation, Science and Economic Development Canada (ISED). The investment is being made available through Automotive Supplier's Innovation Program (ASIP) and will support the development of battery material production technology in Nano One's Pilot Plant.
Nano One CEO Dan Blondal says that "These funds are non-dilutive and non-repayable and add to funds previously announced. The support leverages existing plans to build and operate our Demonstration Pilot Plant. We remain on target to have the pilot built early in 2017 and our approach is already drawing the attention of multinational lithium ion battery stakeholders in the automotive supply chain. The funding selection process is competitive with extensive due diligence and we are honoured to have gained the confidence of ASIP and ISED. We look forward to their valuable support."
The announcement was made at Nano One's facility in Burnaby, British Columbia by Jonathan Wilkinson, Parliamentary Secretary to the Minister of Environment and Climate Change, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development. Mr. Wilkinson said "Through the Automotive Supplier Innovation Program, the Government of Canada recognizes that suppliers are an integral part of our automotive footprint and success. We are proud to support Nano One in developing green technologies that will shape the future of the industry. These technologies will help create quality jobs and support Canada's middle class."
The proceeds will help support the design, construction and operation of Nano One's Pilot Plant and will be disbursed over the duration of the pilot project as expenses are incurred. The pilot will be used to showcase Nano One's patented technology and simulate full scale production of lithium ion cathode materials that are critical to the electric vehicle market.
The pilot uses equipment common to industry and is designed with flexibility to demonstrate a variety of processing concepts and chemistries. This enables Nano One to adapt to market needs and produce a range of cathode materials, including lithium nickel manganese cobalt oxide, high voltage spinel and lithium iron phosphate. The innovations lie in a simple aqueous process that enables a wider range of raw material inputs, eliminates manufacturing steps and provides high purity high performance materials. Nano One has been granted 3 patents covering process, materials and batteries and is actively developing other novel technologies to bolster its portfolio of intellectual property.
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 www.nanoone.ca
About Automotive Supplier Innovation Program
The Automotive Supplier Innovation Program ("ASIP") was created as part of the Canadian Federal Government's Economic Action Plan 2015. The program is providing up to $100 million over five years (2015-2020) to encourage Canadian automotive suppliers to develop new innovative products and processes that will make Canada more competitive on a global scale. The program will help research and development projects to become commercially viable by supporting product development and technology demonstration on a cost-shared basis with participating firms. For more information, please visit http://www.ic.gc.ca/eic/site/auto-auto.nsf/eng/h_am02377.html
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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