Nano One, an organization growing low-cost manufacturing of high-performance lithium-ion battery cathode supplies, introduced the acquisition of Johnson Matthey Battery Supplies, a Canadian firm that operates one of many solely LFP cathode manufacturing services in North America.
The transaction was introduced this morning for a complete of $10.25 million (~$8 million USD):
Nano One® Supplies Corp. a clear expertise innovator in battery supplies, in the present day declares that it has entered right into a binding settlement to accumulate all the excellent shares of Johnson Matthey (JM) Battery Supplies Ltd. (“JMBM Canada”) for roughly C$10.25 million. The acquisition is absolutely funded and is on a cash-free, debt-free foundation, topic to sure working capital changes.
Nano One CEO Mr. Dan Blondal commented on the transaction:
The quickly increasing want for responsibly produced cathode supplies in North America presents a possibility for Nano One to deploy its expertise and develop into a frontrunner. We’re excited to announce our settlement to accumulate JMBM Canada. Skilled workers are on the core of this deal and can assist fast-track Nano One’s studying curve. The ability is in Larger Montreal and strategically situated in proximity to workers and their households, worldwide airports, main port services and is a vital hyperlink within the mines-to-mobility initiative. This enhances Nano One’s expertise innovation heart and staff in Burnaby, British Columbia, and is an ideal base for the development, growth and acceleration of our commercialization technique. We now stay up for working with our colleagues at JMBM Canada for a easy enterprise transition later this 12 months and sharing our imaginative and prescient and plans with all stakeholders within the coming weeks and months.
Liam Condon, Chief Govt of Johnson Matthey, added:
We have now labored with Nano One on various tasks during the last 12 months and having seen their improvements, we consider they’ve the potential to develop the Candiac web site in the easiest way attainable. We stay on the Candiac web site till the top of the 12 months and are absolutely dedicated to serving the wants of our prospects.
On prime of buying the JMBM’s staff with experience in battery expertise, Nano One additionally takes over JMBM’s LFP battery manufacturing capability situated in Candiac, Quebec, on the south shore of Montreal.
It is without doubt one of the few services producing LFP battery cells in North America because the battery chemistry has been principally restricted to being produced in China. To be honest, the power remains to be considerably restricted to 2,400 tonnes each year, however the manufacturing traces solely occupy one-tenth of the 400,000 square-foot property.
JMBM has been producing lithium iron phosphate (LFP) cathode materials to “the lithium-ion battery sector for each automotive and non-automotive purposes for a choose group of consumers.”
In Quebec, we heard that JMBM had been failing and has been seeking to promote for some time.
That is excellent news, since Nano One has deeper pockets and it has been growing new manufacturing processes for quite a lot of battery chemistries, together with LFP cells. It ought to have the ability to assist ramp issues up on the manufacturing facility and assist set up a stronger LFP provide chain in North America.
FTC: We use revenue incomes auto affiliate hyperlinks. Extra.
Subscribe to Electrek on YouTube for unique movies and subscribe to the podcast.