A few months ago, the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) agreed to give Nano One Materials (TSXV: NNO) up to $349,000 to develop Coatings for High Durability Lithium-Ion Battery Cathodes. Two months earlier, NNO received a $760,145 milestone payment from Sustainable Development Technology Canada (SDTC). NNO has received total SDTC funding to date of $1,873,117 with a final payment of $208,180 still to come. In addition, Canada's Automotive Supplier Innovation Program (ASIP) has awarded NNO up to $1,950,922 to support the development of EV battery technology. All together, NNO has been awarded Canadian government grants worth up to $4.173 million.
The automotive industry is seeking higher levels of energy density to extend the range of electric vehicles (EVs), but with current technology, the tradeoff for higher energy densities is reduced levels of material stability and durability. NNO has identified a range of dopants and coatings that could reduce instability and durability in high energy cathode materials and NNO has developed a proprietary, advantageous and low cost method of applying coatings and dopants to cathode materials.
NNO's technology creates cathode materials that could last up to three times longer in a battery than current materials, allowing batteries to store more energy while trimming the cost of producing them. NNO's battery technology is protected by many different issued and pending patents in the U.S., Canada, Japan, and worldwide. These patents include NNO's U.S. patent #9,698,419 protecting the "industrial production of fine and ultrafine powders and nanopowders of layered lithium mixed metal oxides for battery applications."
Some of the more promising cathode materials being developed in labs around the world are using processes with 50 to 100 steps and production cycles of 4-7 days. NNO's technology can use lower grade raw materials and complete a production cycle in less than a day using a three-stage process with up to 75% fewer steps.
NNO is the only publicly traded battery technology company that could potentially reduce EV battery costs by up to 50%. Maxwell Technologies (MXWL) has technology with potential to reduce EV battery costs by 20% and Tesla (TSLA) just acquired them this week for $218 million paying a 50% premium!
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