VANCOUVER – Vancouver-based cleantech company Nano One will receive $5 million to develop innovative lithium ion batteries. The funding is being provided by Sustainable Development Technology Canada (SDTC), which works with Canadian companies to bring clean technologies to market.
This investment builds upon an initial $2 million in seed funding provided by SDTC in 2015 to support Nano One’s pilot plant producing battery materials for electric vehicles.
“As this will be Nano One’s second round of SDTC support, it represents a strong endorsement of Nano One’s track record and its strategic relationships with multinational manufacturers and OEMs,” said Dan Blondal, CEO and founder of Nano One Materials Corp.
“We are honoured to have earned SDTC’s confidence for renewed support toward these partnership and growth activities.”
Nano One is a Canadian technology company with a scalable industrial process for producing low-cost, high-performance lithium ion batteries that can be used in electric cars, forktrucks, consumer electronics and other renewable energy storage. The company’s battery technology decreases energy input, reduces water use, improves adoption of cleaner technologies and lowers greenhouse gases.
The process is engineered for high volume production and rapid commercialization, and the company will maintain 25 jobs and create up to five new ones.
According to the company’s website, Nano One’s technology uses lower grade raw materials to complete the battery production cycle in less than a day using a three stage process with up to 75 percent fewer steps than conventional processes. “There is less handling, lower cost capital equipment, no waste solvents, 90 to 95 percent yield, many fewer failure points, higher safety and flexibility to run different material formulations in a controlled and sealed environment.”
“To lower greenhouse gas emissions, we must make it easier for Canadians to adopt new clean technologies,” said Leah Lawrence, president and CEO of SDTC.
“Nano One is leading that change through its low-cost production of high performance lithium ion battery materials, which are broadly used in electric vehicles, renewable energy storage and consumer electronics.”