Nano One Provides Progress Update on the Successful Integration of Candiac LFP Operation

Highlights

• One-Pot trials commencing and decommissioning of unused equipment progressing.
• Functional re-org implemented to align innovation and commercialization centres.
• Completed integration of Candiac team and facility, focus now on post-merger activities.
• Focusing on meeting market demand while harnessing government support.

VANCOUVER, BC / ACCESSWIRE / January 19, 2023 / Nano One® Materials Corp. ("Nano One" or the "Company"), a clean technology company focused on the production of cathode materials used in lithium-ion batteries, is pleased to provide an update on the reorganization of the combined teams, and the transformation of the Candiac lithium iron phosphate ("LFP") facility to the One-Pot process, following completion of the acquisition previously announced on November 1, 2022.

Mr. Denis Geoffroy, Chief Commercialization Officer said, "The team at Candiac has tremendous experience in LFP, having developed two different processes, built the first and only LFP plant in North America and operated it for 10 years. Adding the cost and environmental benefits of the One-Pot process, they are excited to be pioneering a new generation of LFP to have a meaningful impact in the energy transition. We have re-organized Nano One to align everyone with our strategic objectives, are happy with the progress on integration, and are executing successfully on our LFP commercialization plans with the aim of providing long-term value to our supportive shareholders."

Leveraging the deep experience of the Quebec operational team, action plans are being implemented to convert the Candiac facility to Nano One's patented One-Pot process to accelerate the commercialization of Nano One's LFP technology. Candiac assets and know-how will help design turn-key systems to address, and align with, projected global LFP cathode market demand. This will support America's efforts to ‘friendshore' battery supply chain production through the Inflation Reduction Act ("IRA") and other international initiatives.

LFP trials with the One-Pot technology will start in January 2023. Initial plant preparations are complete, including process hazard studies, for the use of the existing commercial scale reactors for larger scale trials beginning in Q1 2023. Results from this work will provide Nano One with valuable insights for the next stage of trials, pilot production and advanced engineering. Large One-Pot reactors have been designed and ordered, with installation, integration and commissioning expected in Q3 2023 for industrial pilot scale LFP production. This builds on existing development work and supports evaluation and validation work with potential customers. Certain equipment in the Candiac facility will not be needed for the One-Pot process and is currently being decommissioned and removed, while procurement of new equipment is ongoing. Nano One has initiated a third-party evaluation of the assets that will be used for the industrial pilot and is planning to sell unneeded equipment in the One-Pot process.