Shares of Nano One jumped on Monday, up 9.8% at C$1.45.
“Pulead is a highly respected cathode producer with a track record of partnering with international providers of intellectual property,” said Dan Blondal, chief executive officer of Nano One. “By working together, we aim to improve the cost and performance of LFP materials and to expand its use in industrial batteries, e-buses and electric vehicles.”
The Vancouver-based company said that this is its second joint development agreement and the objective is to develop, evaluate and optimize scaled up production of Pulead’s lithium iron phosphate (LFP) cathode materials using Nano One’s technology, for use in lithium-ion batteries. According to Nano One, licensing and commercialization opportunities will also be explored as part of the collaboration.
“This agreement formalizes an important strategic relationship between Nano One and Pulead that began last year with visits, battery testing and economic evaluation,” said Blondal. “This marks a key milestone in the execution of Nano One’s business plan.”
LFP highly durable
According to the company, LFP is the safest and lowest-cost cathode material for lithium-ion batteries because it is highly durable and does not contain supply-constrained cobalt or nickel. It is expected that the demand for LFP will continue to grow, as incentive programs evolve and safety becomes increasingly important.
The company also noted that cost reductions could boost the demand for LFP, as it replaces lead-acid batteries.
Nano One’s scientific team has developed an innovative process that simplifies the production of high performance carbon-coated LFP. The tehcnology improves operating and capital expenses through the use of lower-cost raw material inputs with fewer process steps. The patent-pending technology uses an aqueous process operating at room temperature, ambient pressure and mild pH.
“Pulead is excited to be working with Nano One and we are very encouraged by their groundbreaking innovations and capabilities,” said Dr. Yuan Gao, chief executive officer of Pulead. “We look forward to fostering a profitable, long-lasting and collaborative working relationship.”
Story by ProactiveInvestors
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