Nano One Reports Q2 2024 Results and Provides Update

Nano One Materials Corp. has released its condensed interim consolidated financial statements and management's discussion and analysis for the six months ended June 30, 2024. The company highlighted several key developments.

A strategic alliance agreement with Worley Chemetics was finalized in May 2024. This partnership aims to jointly develop a process engineering design for lithium-ion battery cathode active material production facilities using Nano One's proprietary One-Pot process.

Nano One, along with Worley, was awarded $2.8 million in non-dilutive funding by Next Generation Manufacturing Canada through its Electric Vehicle Manufacturing Program. This funding will support the companies in developing and marketing CAM facility packages.

The company also announced on August 12, 2024, the sale of vacant land in Candiac, Québec, for $5 million. These funds will be used to bolster Nano One’s growth without diluting existing equity.

At the Annual General and Special Meeting on August 1, 2024, all matters presented for shareholder approval were passed. As of June 30, 2024, Nano One's financial position included total net assets of $30.8 million and working capital of $13.2 million.