Rio Tinto injects USD 10m in Canadian battery developer Nano One

Anglo-Australian mining giant Rio Tinto Plc (ASX:RIO) has invested USD 10 million (EUR 9.5m) in equity in Canadian battery developer Nano One and agreed a broader partnership that will see it supply iron and lithium products to its British Columbia-based partner.

Rio Tinto said last week that its investment will help the Canadian firm improve its technology, supply chain development and product commercialisation. Some of the funds will also back the recent acquisition of a production site in Quebec and its planned technology conversion.

Nano One is the developer of the patented “One Pot Process” and metal to cathode active material (M2CAM) technologies for battery production. The process enables nickel-rich, iron-rich, and manganese-rich lithium-ion cathode active materials to be manufactured sulfate-free from a range of battery metal sources and used in the production of lithium-ion batteries for electric vehicles, energy storage systems and portable electronics.

Under the deal, Rio Tinto will get 4.6 million newly-issued shares in Nano One, equal to 4.9% of the latter’s current issued stock.

Additionally, after closing the deal, the two companies will sign a collaboration agreement through which they will study the use of Rio Tinto’s battery metal products in the production of Nano One’s cathode materials. The mining giant will also contribute know-how regarding the extraction and processing of critical minerals such as lithium. The partnership will cover both the technical and business sides involved in the development and construction of cathode production facilities.

(USD 1.0 = EUR 0.955)

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