Nano One Materials Corp. recently announced a collaboration agreement with Sumitomo Metal Mining Co. Ltd. (SMM), a leading global metals and mining company, and a strategic investment of C$16.9 million or approximately US$12.9 million.
Nano One is a Canadian technology company that is focused on developing materials for the next generation of electric vehicle batteries and other clean technology markets. The company uses a patent-pending process to convert low-cost and abundant raw materials into high performing nanostructured composites with improved strength, conductivity, and stability, for use in advanced battery and energy storage devices.
The collaboration between Nano One and SMM focuses on building prototype cathode and anode materials for advanced lithium-ion batteries using both companies’ proprietary materials. This will include joint research and development projects for battery materials with nano-structured particles, with a focus on increasing energy density, cycling performance, and power density.
The collaboration and the C$16.9 million strategic investment will be a great boost for Nano One Materials Corp. to continue to design and develop its technology and to diversify its revenue streams.
The company intends to use the funds for research and development of battery cathode and anode materials, further development of its process for producing nanostructured materials, and other general corporate funds and purposes.
The collaboration between Nano One Materials Corp. and Sumitomo Metal Mining Co. Ltd. is a great move for both parties, and will make a significant contribution to advancing the energy and battery storage industry. Nano One Materials Corp. is now poised to take advantage of this strategic agreement and the significant investment, while Sumitomo Metal Mining Co. Ltd. can benefit from Nano One’s innovative technology and materials.