On Friday, Nano One’s financing added to the more than $2.5-million it has already raised from such financings with another for up to $1.9-million from Innovation, Science and Economic Development Canada (ISED).
Vancouver’s Nano One Materials Corp. (TSXV:NNO) has made a habit of raising non-dilutive cash to fund its plans to create low-cost production of high performance battery materials it plans for use electric vehicles, energy storage and consumer electronics.
“These funds are non-dilutive and non-repayable and add to funds previously announced,” said Nano One CEO Dan Blondal. “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.”
Nano one has in the past raised financing from Sustainable Development Technology Canada and from the Industrial Research Assistance Program (IRAP). Friday’s investment was made available through the automotive supplier innovation program (ASIP) and will support the development of battery material production technology at Nano One’s pilot plant in Burnaby, B.C.
At that facility on Friday, Jonathan Wilkinson, parliamentary secretary to the Minister of Environment and Climate Change made the announcement on behalf of Navdeep Bains, Minister of Innovation, Science and Economic Development.
“Through the automotive supplier innovation program, the government of Canada recognizes that suppliers are an integral part of our automotive footprint and success,” said Wilkinson. “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.”
Disclosure: Nano One is an annual sponsor of Cantech Letter.