Nano One Receives $3M in Non-Dilutive Funding from the Province of British Columbia

VANCOUVER, British Columbia, May 06, 2020 (GLOBE NEWSWIRE) -- (TSX-V: NNO) (OTC-Nasdaq Intl Designation: NNOMF) (Frankfurt: LBMB). Nano One Materials is pleased to announce that the Province of British Columbia is contributing $3,033,000 to Nano One’s “Scaling of Advanced Battery Materials Project” adding to the previously announced $5.25M contribution from Sustainable Development Technology Canada (SDTC). These funds are non-dilutive and non-repayable.

“Nano One is honoured to have the participation and support of the Province of British Columbia," said CEO, Dan Blondal. "Three million dollars will add to our multi-year runway and provide additional flexibility in accelerating, scaling and commercializing our lithium ion battery cathode technologies. These funds from the Ministry of Energy, Mines and Petroleum Resources leverage project milestones, due diligence and reporting structure already in place with SDTC and will directly support scale up activities with previously announced collaborators, Volkswagen, Pulead, Saint-Gobain and a number of their peers.”

Nano One has developed a technology platform to improve the production and performance of cathode powders used in lithium-ion batteries, with 16 patents granted and many more pending. The technology can make a wide range of lithium based composite powders for different battery applications including electric vehicles, e-buses, power tools, renewable energy storage and consumer electronics, as well as next generation solid state batteries. Nano One is working collaboratively with global automotive, energy, and supplying companies to improve the cost and durability of lithium ion batteries, and to imbed its technology into manufacturing plans.

This $3M contribution by the Province is being made as part of a funding partnership with SDTC and augments Nano One's existing Project Funding Agreement with SDTC, executed in September 2019, bringing the total contribution to $8,283,000. The original project scope and milestone deliverables remain unchanged.

Dan Blondal, CEO

For information with respect to Nano One or the contents of this news release, please contact John Lando (President) at [phone] or visit the website at www.nanoone.ca.

About Nano One

Nano One Materials Corp has developed patented technology for the low-cost production of high performance lithium ion battery cathode materials used in electric vehicles, energy storage and consumer electronics. The processing technology enables lower cost feedstocks, simplifies production and advances performance for a wide range of cathode materials. Nano One has built a demonstration pilot plant and is partnering with global leaders in the lithium ion battery supply chain, including Pulead, Volkswagen and Saint-Gobain to advance its lithium iron phosphate (LFP), lithium nickel manganese cobalt oxide (NMC) and lithium nickel manganese oxide (LNM) cathode technologies for large growth opportunities in e-mobility and renewable energy storage applications.