Vancouver’s Nano One has announced that it has partnered with Sumitomo Metal Mining, starting with a $16.9 million equity investment from the Japanese company.
Sumitomo is a leading vertically integrated miner, refiner and producer of cathode active materials (CAM) with over 400 years of experience.
The companies intend to jointly explore business development opportunities focused on future sales, licensing, partnerships, investment and financing opportunities for expanded operations.
Their collaboration agreement will see the companies work together to accelerate the commercial production of lithium iron phosphate (LFP), CAM and nickel-rich CAM chemistries, such as lithium nickel manganese cobalt oxide (NMC).
“This announcement builds on years of technology development and CAM production by both Sumitomo Metal Mining and Nano One Materials, and it expresses our joint ambitions to develop and lead world class battery ecosystems and long-term partnerships in the production of LFP and NMC cathode materials,” said Nano One CEO, Dan Blondal.
“Sumitomo Metal Mining is a world class leader, having pioneered nickel-rich cathode active materials for long range electric vehicle battery applications. We are proud to be partnered with such a reputable and deeply experienced organization and to be jointly addressing emerging market demand in Japan, North America and other global regions.”
Nano One has plans to build its first commercial LFP plant adjacent to its existing production scale pilot facility in Candiac, Quebec, and is nearing completion of a Front-End Loading Pre-Feasibility Study that will help determine key factors including costs, production line size, total capacity and timing.
The companies believe LFP is an important battery material that will capture a significant portion of the market in the years ahead, and that it can be produced responsibly and cost effectively in North America, Japan, and other jurisdictions using technology and know-how from both organizations.
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