- Nano One Materials (NANO) has released its financial and operational results for the third quarter of 2021
- The company ended the quarter with a working capital of approximately $54 million and cash of $54.6 million
- In addition, the company spent approximately $1 million on research activities this quarter
- The company continues to create strategic partnerships as it transitions to the domestic supply chain
- Nano One Materials is a clean technology company
- Shares in Nano One Materials Corp. (NANO) are down 10.67 per cent, trading at $3.85 per share
Nano One Materials (NANO) has released its financial and operational results for the third quarter of 2021.
The company ended the quarter with working capital of approximately $54 million and cash of $54.6 million as it prepares for a shift in focus to domestic markets.
In addition, the company spent approximately $1 million on research activities this quarter, up from $800,000 in the previous quarter and from $600,000 in Q3 2020.
In early September, Nano One achieved the second milestone in its “Scaling Advanced Battery Materials” project, allowing the company to receive funding for Milestone 3.
Cash inflows from investing and financing activities included exercises of stock options and warrants for total proceeds of $145,000 and proceeds from government assistance programs of approximately $1.67 million.
The government assistance came mainly from Sustainable Development Technology Canada (SDTC) and was primarily due to the company’s advancement of its Milestone 3 project.
On September 30, the company announced that it had completed a project with a global automotive original equipment manufacturer (OEM) that demonstrated the capabilities of Nano One’s patented One-Pot process.
Dan Blondal, CEO of Nano One, commented on this quarter’s highlights.
“Nano One continues to advance opportunities with our partners in the battery supply chain and in this past three months we have added a few more strategic relationships,” he said.
Subsequent to the quarter’s end, the company signed a Joint Development Agreement with Euro Manganese, a battery raw materials company developing a significant manganese deposit in the Czech Republic.
The two companies will collaborate on developing economically viable and environmentally sustainable applications of high-purity manganese expected to be produced by Euro Manganese from its proposed Chvaletice Manganese Project.
Nano One Materials is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials.
Shares in Nano One Materials Corp. (NANO) are down 10.67 per cent, trading at $3.85 per share as of 10:16 am ET.