Nano One to Acquire Johnson Matthey Battery Materials Canada
VANCOUVER, BC / ACCESSWIRE / May 25, 2022 / (TSX:NANO)(OTC PINK:NNOMF)(FRA:LBMB)Definitive agreement to acquire 100% of the shares of Johnson Matthey Battery Materials Ltd. a Canadian entity located in Candiac, QuébecAcquisition to include the team, …
VANCOUVER, BC / ACCESSWIRE / May 25, 2022 / (TSX:NANO)(OTC PINK:NNOMF)(FRA:LBMB)
- Definitive agreement to acquire 100% of the shares of Johnson Matthey Battery Materials Ltd. a Canadian entity located in Candiac, Québec
- Acquisition to include the team, facilities, equipment, land and other assets
- Team has more than 360 years of scale-up and commercial production know-how
- Team and facilities proven in supplying tier 1 cell manufacturers for automotive
- LFP facility and land strategically located near Montréal and operational since 2012
- Facility and equipment can serve Nano One's process needs with room to expand
- Expedites Nano One business strategy for LFP and other battery materials
Nano One® Materials Corp. ("Nano One" or the "Company") a clean technology innovator in battery materials, today announces 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 C$10.25 million. The acquisition is fully funded and is on a cash-free, debt-free basis, subject to certain working capital adjustments.
JMBM Canada includes a team with over 360 years of collective experience, including R&D, pilot to commercial scale cathode production and product qualification and quality assurance systems expertise for tier 1 automotive lithium-ion cell manufacturers.
JMBM Canada also includes a 2,400 tonne per annum capacity LFP production facility located in Candiac, Québec occupying approximately one tenth of the 400,000 square foot property.
The transaction is expected to complete by the end of 2022, subject to JMBM Canada fulfilling contractual commitments and certain other customary closing conditions.
Nano One CEO Mr. Dan Blondal said, "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. We are excited to announce our agreement to acquire JMBM Canada. Experienced employees are at the core of this deal and will help fast-track Nano One's learning curve. 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, British Columbia, and is a perfect base for the advancement, expansion and acceleration of our commercialization strategy. We now look forward to working with our colleagues at JMBM Canada for a smooth business transition later this year and sharing our vision and plans with all stakeholders in the coming weeks and months."
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