Nano One and Sumitomo Metal Mining Ignite $16.9M Strategic Partnership!

Nano One Materials Corp., a pioneer in the development of next generation battery materials announced that it has closed the previously announced $16.9 million strategic investment and collaboration agreement with Sumitomo Metal Mining Co., Ltd. Under the agreement, Sumitomo Metal Mining has subscribed for 16,916,717 Nano One common shares at an offering price of $1.00 per such share for aggregate gross proceeds of $16.9 million. The common share subscription reaffirms Sumitomo Metal Mining’s long-term support of Nano One’s development of next generation cathode materials. In association with the strategic investment, Sumitomo Metal Mining and Nano One have entered into an exclusive collaboration agreement based on the outcome of Nano One’s ongoing development program. The collaboration will provide for the provision of material requirements and technical know-how concerning advanced cathode materials, with the potential for additional offtake and research and development benefits from such collaboration for Nano One. The strategic investment and collaboration agreement is a significant step for Nano One in its effort to become a leader in the production of next generation cathode materials. The investment marks Sumitomo Metal Mining’s long-term financial support and commitment to work alongside Nano One. Nano One Chief Executive Officer, Dan Blondal, commented, “Sumitomo Metal Mining, with its decades of experience in metals, mining, and chemistry, as well as advanced technology across its global research and development programs, is the optimal partner to help Nano One realize its vision for innovative battery materials with broad-reaching applications.” The proceeds from the strategic investment will be used to finance the company’s ongoing research and development and for general working capital purposes. Nano One will continue to focus on optimizing its patented processes to produce high quality and economical battery materials for the energy storage market. Nano One has quietly become a leader in its field, developing a unique and efficient production process that may be on the cusp of disrupting the global advanced material industry. With Summito’s backing now firmly in place, the future is wide open for Nano One to take its technology and products to the next level.