Sumitomo Metal to invest in Canada's Nano One to collaborate on battery material

Nano One Materials

25/09/2023 11:27

TOKYO, Sept 25 (Reuters) - Japan's Sumitomo Metal Mining
 5713.T  said on Monday it will invest 16.9 million Canadian
dollars ($12.5 million) in Canada's battery material company
Nano One Materials  NANO.TO  to collaborate on manufacturing
technology for the material.
    The move comes after Japan and Canada agreed to work more
closely together to establishing sustainable and reliable global
battery supply chains.
    Sumitomo Metal supplies the nickel-cobalt-aluminium (NCA)
cathode materials for the Panasonic  6752.T  lithium-ion
batteries used in Tesla  TSLA.O  electric vehicles (EVs).
    Through the investment, Sumitomo Metal will own about 5% of
Nano One, which has patented processes for the sustainable
production of lithium-ion battery cathode materials, which
reduces process complexity and lowers costs than the current
technology, the Japanese mining and smelting company said in a
statement.
    The two companies will work together to develop
manufacturing technology for battery cathode materials for EVs
at a lower cost and environmental impact, it added.
    Sumitomo Metal has been expanding its production capacity of
the cathode materials and plans further expansions.
    ($1 = 1.3479 Canadian dollars)

 (Reporting by Yuka Obayashi, Editing by Louise Heavens)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))