Nano One Buys Cathode Plant

seekingalpha2022-05-28

Thomas-Soellner/iStock via Getty Images Nano One (OTCPK:NNOMF) has entered into an agreement to acquire 100% of the shares of JMBM (Johnson Matthey Battery Materials Ltd.) a Canadian entity located in...

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new_money
2022-05-28
new_money
Ok

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JMBM is the Canadian battery cathode operations of Johnson Matthey (OTCPK:JMPLF) which has decided to exit the battery cathode business. Johnson Matthey's European cathode assets are being acquired by EV Metals Group, PLC which is closely held. This is a huge step that will turn the Nano One into a commercial scale cathode supplier. I queried company CEO, Dan Blondal for some clarification and \"color\" regarding the deal and he was good enough to respond late in his busy day. Here is a condensation of what I learned together with what I believe to be important implications for the company and shareholders. What Is Being Acquired? Asked about the structure of the deal, Dan said, There is no lease, we are buying the land, title, building, equipment, spare parts, systems, and other assets, zeroed out with no obligations other than a few minor facilities contracts and a modest amount of working capital to cover first payroll. Nano One is getting Johnson Matthey's Canadiac, Québec LFP cathode plant which is rated to produce 2,400 TPY of cathode material. Here is what it looks like on Google Earth.   Johnson Matthey's Canadian LFP Cathode Plant (Google Earth) Johnson Matthey will operate the plant until later this year in order to fulfill existing contracts at which point Nano One will take over the plant and take on the existing staff of roughly forty people. Three senior managers from the operation are already employed by Nano One. A transition team, headed by the plant's current GM is already in place. Nano One and Johnson Matthey have been working on this transition for months. Plan Going Forward Nano One plans to convert the current process line to its M2CAM \"One Pot Process\" for LFP. Dan explained that the existing plant converts to M2CAM with minor modifications, with some of the current equipment becoming redundant. The plant can convert to M2CAM for LFP, high nickel or high manganese – LNMO. Initially Nano One will produce LFP in Canadiac. Plant Capacity Plant currently has a single cathode line taking up 10% or so of the available space. Dan pointed out that the M2CAM process operates with much higher concentrations of reactants and requires dramatically less firing time. This should see the capacity of the single existing line increase substantially from the current 2,400 TPY. While there is room at the Canadiac plant for several more M2CAM process lines, a larger facility will be needed to achieve full automotive scale (hundreds of thousands of tonnes per year). Product Cost Nano One sees the Canadiac plant producing LFP at competitive cost and providing the company with first commercial revenues. In my opinion, this is huge. We might see Nano One bringing in commercial revenue by year end or early 2023. Here is what Dan had to say, LFP made by way of Nano One’s One-Pot process will have a significant cost advantage even compared to Asian pricing. The existing plant has all the equipment we need (actually we only a fraction of it) and will be a great platform for large scale trials and first commercial revenues. Summary Nano One is going into the cathode material business at commercial scale. With the acquisition of Johnson Matthey's Canadian LFP plant the company will start playing at a whole new level. This deal is a great one for Nano One as they will be getting an up and running LFP plant, the experienced team running it (who have been collaborating with Nano One for a long time and have bought into M2CAM). The plant will easily convert to M2CAM process for LFP with minimal additional equipment required and with the prospect of significant capacity increase. With takeover of the Canadiac plant Nano One could be seeing commercial LFP cathode revenues by year end or early 2023. This is a huge, positive step for the company and I expect it will be a catalyst accelerating the share price going forward.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9025616240,"gmtCreate":1653677960080,"gmtModify":1676535324878,"author":{"id":"4093757289971380","authorId":"4093757289971380","name":"new_money","avatar":"https://static.tigerbbs.com/11c53e8b0bc90836e57b9dbd4236a68a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4093757289971380","authorIdStr":"4093757289971380"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9025616240","repostId":2238674747,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2238674747"}