Nano One Provides Progress Update on the Successful Integration of Candiac LFP Operation - Seite 2

All raw materials ordered for the first trials have now been received on site and small quantities will be utilized for training purposes before advancing to larger volumes.

The Candiac plant is currently the only existing LFP production facility in North America. It consists of an 80,000 square foot production plant and the most experienced LFP operational team in the world, outside of China. The plant and team are located 20 km outside of Montréal, in Candiac, Québec, and are strategically aligned with Canada's "Mines to Mobility" initiative.

Business Development Bank of Canada (BDC), as previously announced, is working with Nano One on the continued integration of the Candiac and Burnaby teams, and objectives for the first 3 months are substantially complete, on-time and on-budget. The work has been well informed, collaborative and aligned with business plans, and it has led to a smooth transition as Candiac transforms to the One-Pot process and as Burnaby takes on valuable scale-up and production know-how. The integration team is proud to announce that all staff have been retained and that employee know-how in both facilities is complimentary, accretive and mutually aligned with Nano One's strategic objectives and will provide long-term stakeholder value.

"I am pleased to report that these first few months of integration have gone as well as we had anticipated, thanks to careful planning, collaboration, experience and focus," said Chief Operating Officer, Alex Holmes. "The newly combined team benefits from common goals, a culture of learning and are building on the richness of each other's experiences."

With at least eight[1] auto OEM's publicly stating they are using, or are about to use, LFP, the world is already witnessing the rise of LFP cathode in cells as a major segment of the lithium-ion battery market. Canada's "Mines to Mobility" plan and America's IRA are two examples of government support and policy imperatives to shift the manufacturing of electric vehicles, energy storage, their battery components, materials and critical minerals to domestic markets and like-minded nation partners. Nano One's Candiac team and facility are key building blocks in this transformation and are being positioned to change how the world makes battery materials.

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