If there is a silver lining amid this coronavirus outbreak, it lies in the increasing need for help we’re feeling more readily. Business and citizens seek assistance from their governments to get by and thrive.
The latest example is in British Columbia, where Nano One Materials (TSX-Venture: NNO) has received a hand from the provincial government to the tune of $3.033 million for the company’s "Scaling of Advanced Battery Materials Project" adding to the previously announced a $5.25-million contribution from Sustainable Development Technology Canada (SDTC). These funds are non-dilutive and non-repayable.
According to CEO Dan Blondal, "Three million dollars will add to our multi-year runway and provide additional flexibility in accelerating, scaling and commercializing our lithium ion battery cathode technologies.
“These funds from the Ministry of Energy, Mines and Petroleum Resources leverage project milestones, due diligence and reporting structure already in place with SDTC and will directly support scale up activities with previously announced collaborators, Volkswagen, Pulead, Saint-Gobain and a number of their peers."
Nano One has developed a technology platform to improve the production and performance of cathode powders used in lithium-ion batteries, with 16 patents granted and many more pending.
NNO shares gained eight cents, or 6.3%, to $1.36, on volume of 146,000 shares.
