Clean energy technology company Nano One Materials Corp. (NANO:TSX), which is engaged in producing cathode powders and materials for use in lithium-ion batteries, today announced that "it has entered into a binding agreement to acquire all of the outstanding shares of Johnson Matthey (JM) Battery Materials Ltd. (JMBM Canada) for approximately CA$10.25 million. "
Under the terms of the agreement, Nano One Materials will acquire all of Johnson Matthey Battery Materials' (JMBM Canada) assets including equipment, facilities, and land along with its highly experienced employees, which together have greater than 360 years of combined scale-up and commercial production know-how.
JMBM Canada's lithium iron phosphate (LFP) cathode material plant is located in Candiac, Québec and is capable of producing 2,400 tonnes of LFP cathode material yearly for use in making lithium-ion batteries for automotive and non-automotive applications. The 400,000 sq. ft. property is well suited to server Nano One's process needs and offers significant room for expansion.
The company advised that the acquisition is fully funded and that the transaction is expected to close prior to the end of this calendar year, subject to working capital adjustments, ordinary closing conditions and the fulfillment of contractual commitments by Johnson Matthey.
Nano One Materials CEO Dan Blondal commented, "The rapidly expanding need for responsibly produced cathode materials in North America presents an opportunity for Nano One to deploy its technology and become a leader."
"The facility is in Greater Montreal and strategically located in proximity to employees and their families, international airports, major port facilities and is a critical link in the mines-to-mobility initiative. This complements Nano One's technology innovation center and team in Burnaby, B.C., and is a perfect base for the advancement, expansion and acceleration of our commercialization strategy," Blondal added.
Johnson Matthey Battery Materials' CEO Liam Condon remarked, "We have worked with Nano One on a number of projects over the last year and having seen their innovations, we believe they have the potential to develop the Candiac site in the best way possible. We remain at the Candiac site until the end of the year and are fully committed to serving the needs of our customers."
JMBM Canada is based in the Montreal metropolitan area and focuses on improving performance, functionality and safety of its client's products in areas with high global impact such as low emission transport, chemical processing and efficient natural resource utilization.
Nano One is a Vancouver, B.C.-based technology company which concentrates its efforts on production of cathode powders for use in lithium-ion batteries. The firm claimed that it has developed and patented "a scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials." The firm's unique materials are engineered to add value to electric vehicles and grid storage batteries in order to address the needs for a zero-emission future.
Nano One started the day with a market cap of around $147.1 million with approximately 95.55 million shares outstanding. NNOMF shares opened 16.7% higher today at $1.4021 (+$0.2025, +16.66%) over yesterday's $1.1996 closing price. The stock has traded today between $1.3494 and $1.81.74 per share and closed for trading at $1.755 (+$0.5538, +46.1%).
| Want to be the first to know about interesting Battery Metals and Cobalt / Lithium / Manganese investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
