Nano One® Materials Corp. and Sumitomo Metal Mining Co., Ltd. announced that they have agreed to a strategic equity investment in Nano One by SMM of CAD 16,879,949.85 and to enter into a collaboration agreement under which the parties will work together to accelerate the commercial production of lithium iron phosphate, CAM and nickel-rich CAM chemistries, such as lithium nickel manganese cobalt oxide. For over 400 years, SMM has been mining, smelting, refining, and processing metals with a large and diverse customer base that includes nickel-rich cathode materials for lithium-ion battery and electric vehicle producers in recent years.

In 2022, SMM expanded their CAM product portfolio to include LFP and have chosen to collaborate and partner with Nano One to accelerate its efforts. Nano One has plans to build its first commercial LFP plant adjacent to its existing production scale pilot facility in Candiac, Québec, and is nearing completion of a Front-End Loading Pre-Feasibility Study that will help determine key factors including costs, production line size, total capacity and timing. The Companies believe LFP is an important battery material that will capture a significant portion of the market in the years ahead, and that it can be produced responsibly and cost effectively in North America, Japan, and other jurisdictions using technology and know-how from both organizations.