Nano One Materials Corp, a leader in advanced battery materials, has secured C$18 million ($12.7 million) in funding from the Quebec government to ramp up production of lithium iron phosphate (LFP) cathodes. This marks a significant step in advancing the company’s position in the growing North American battery materials sector, crucial for electric vehicle (EV) and energy storage technologies.

Strategic Growth and Expansion Plans

Nano One has already established a 200 metric tonne per year piloting line in Candiac, Quebec, in 2023. With the new government funding, the company plans to further expand its LFP cathode active material production capabilities. The goal is to meet increasing demand from the EV and renewable energy sectors while promoting sustainable battery technologies. This expansion is expected to increase production capacity significantly by 2025-2026, positioning Nano One as a key player in the electric vehicle supply chain.

Additional Funding and Industry Partnerships

The Quebec government’s investment is part of a broader strategy to foster innovation in sustainable industries. In addition to this funding, Nano One has secured a $12.9 million grant from the U.S. Department of Defense. Strategic partnerships with major mining companies like Sumitomo Metal Mining and Rio Tinto, each holding up to a 5% stake in Nano One, further underline the company’s strong industry credibility. These collaborations will help Nano One scale its operations and improve the efficiency of its cathode materials, critical for next-generation batteries.