VoltaXplore

An Electric Vehicle Battery Manufacturing Company

MONTREAL, April 15, 2021 (GLOBE NEWSWIRE) -- NanoXplore Inc. ("NanoXplore") (TSX-V: GRA and OTCQX: NNXPF) and Martinrea International Inc. (“Martinrea”) (TSX: MRE) announce that they have formed a joint venture, VoltaXplore Inc. (“VoltaXplore”), a battery-based initiative to service the electric transportation and grid storage market.

VoltaXplore will initially build a demonstration facility to develop and produce electric vehicle (EV) batteries enhanced with graphene, one of the world’s thinnest and strongest materials, with tremendous characteristics. The venture combines NanoXplore’s position as a world leader in the science and production of graphene and graphene-enhanced materials and Martinrea’s expertise as a leading manufacturer of automotive and industrial parts, specializing in Lightweight Structures and Propulsion Systems. VoltaXplore will be developing and manufacturing Li-Ion battery cells for electric vehicles initially in a new 1MWh facility in Montreal. The joint venturers believe that graphene-enhanced batteries will considerably improve existing battery performance.

Following a successful demonstration of improved battery performance using graphene and based on positive customer feedback as well as building the business case, VoltaXplore intends to build and commission a 10GWh battery cell manufacturing facility in Canada.

NanoXplore and Martinrea have each invested $4 million initially into VoltaXplore as startup capital to support the construction of demonstration facility, with each committed to provide up to an additional $6 million in development funding if, as and when required. NanoXplore and Martinrea each hold a 50% equity interest in VoltaXplore. Pat D’Eramo, Martinrea’s President and CEO, will be VoltaXplore’s Chairman and Soroush Nazarpour, NanoXplore’s founder and CEO, will be VoltaXplore’s CEO. Both are the initial directors. Each company will provide critical scientific, development and manufacturing expertise as appropriate.

Soroush Nazarpour commented:

“Graphene is a really exciting material for improved performance in Li-ion batteries. It increases the charging speed and capacity of the batteries while improving safety by enabling batteries to work at lower temperatures. VoltaXplore will benefit from using NanoXplore’s graphene-enhanced silicon anode formulation and will manufacture cylindrical Li-ion cells. One of the keys to an electric vehicle future is significantly improved batteries, and we believe we can be a part of the solution, both at VoltaXplore and as a graphene provider at NanoXplore. We believe the successful development of graphene enhanced batteries will result in the need for high volumes of graphene powder. We continue to benefit from our partnership with Martinrea, and this is another step in our successful working relationship.”