SDTC increases its contribution to Nano One by $250,000
- Nano One received $250,000 contribution increase from SDTC
- Nano One continues to fulfill its commitments to projects, partners and funders
- Mr. Dan Blondal, CEO of Nano One Materials is pleased to announce that Sustainable Development Technology Canada (SDTC) has increased its contribution to Nano One from $5,000,000 to $5,250,000 with an additional payment of $250,000.
This is a one-time non-dilutive contribution in response to the COVID-19 situation and represents a 5% supplement to SDTC’s current $5 million commitment to Nano One’s Scaling of Advanced Battery Materials project, bringing the total contribution agreement to $5.25 million.“SDTC has moved very swiftly in response to these unprecedented times by providing additional funding to their client companies, including Nano One, to enable continued innovation, to build new strategies, and to ensure the health and safety of our employees,” said Dan Blondal, Nano One’s CEO.
Despite the global public health and economic crises, Nano One is on solid ground with over $11 million cash-on-hand, $5.25M in SDTC support and a multi-year runway extending over three years. This positions Nano One to emerge stronger and more resilient as these crises recede, and to benefit again from the clean technology sentiment that gave it so much momentum in January and February.
Nano One has a growing portfolio of valuable patents, a world-class team and a number of critical strategic relationships which include Volkswagen, Pulead Technology, Saint-Gobain, and many of their peers. Opportunities with world-class companies are expanding rapidly and Nano One is moving them all forward, with some at an advanced stage.
The COVID-19 issues are unprecedented, and Nano One is mindful of its employee’s health, wellness and careers. Consequently, workplace safety measures are being complemented with work-at-home policies as everyone adjusts to evolving public health guidelines. With these measures, Nano One’s research and business development activities are proceeding largely unaffected by the current crises.
Mr. Blondal added “Nano One appreciates the extraordinary support it is receiving from the federal government through SDTC, from its shareholders and from its world class partners. We are confident in our team, our partners and our technologies as we accelerate activities and execute on our business plan.” Nano One has implemented effective workplace and work-at-home policies
