Sumitomo Metal Mining Co has paid C$16.9 million (US$12.5 million) for a 5% stake in Nano One Materials Corporation, and struck a development partnership deal with the Canadian lithium-ion battery cathode materials technology company.
Nano says its patented One-Pot process for sustainable production of cathode active materials (CAM) can lower CAM production and capital costs, and environmental impacts, through reduced process complexity.
The aim of Sumitomo-Nano joint development work is to achieve a “low-cost, low environmental impact production process for lithium iron phosphate CAM and nickel-rich CAM chemistries, such as lithium nickel manganese cobalt oxide”, according to the two companies.
“SMM will also seek other collaborations with Nano One in the field of CAM production, including collaborations such as the establishment of a joint venture and licensing agreements.”
Sumitomo produces and sells CAM for vehicle batteries and aims to triple output to about 180,000 tonnes per annum in FY2030.
Toronto-listed Nano One has a current market value around C$305 million.