Charging ahead: Nano One and Sumitomo Metal Mining team up to power the future of EVs

Nano One Materials Corp. and Sumitomo Metal Mining Co., Ltd. have announced a collaboration agreement and strategic equity investment.

The key points from the announcement are:

• Sumitomo Metal Mining will make a C$16.9 million equity investment in Nano One.
• The companies will partner to explore business development opportunities in areas like sales, licensing, partnerships, investment, and financing for expanded operations.
• The collaboration builds on years of technology development and cathode material production by both companies.
• It expresses their joint ambitions to develop battery materials ecosystems and partnerships for producing lithium iron phosphate (LFP) and nickel manganese cobalt (NMC) cathode materials.
• Sumitomo Metal Mining is a leader in nickel-rich cathode materials for electric vehicle batteries.
• Nano One has patented processes for producing lithium-ion battery cathode materials sustainably.
• The companies aim to jointly explore synergies between their respective technologies and expertise to advance cathode material production.

In summary, Sumitomo Metal Mining and Nano One Materials have formed a strategic partnership and investment to collaborate on developing battery material supply chains and production capabilities. Their complementary expertise will allow them to explore new opportunities in this space.

In case you missed it last week:

Further, in the Corporate Update, the Company highlights its achievements in 2023:

1. Leading Scientific Research: VERSES and its staff collaborated and published 32 papers in collaboration with 20 universities around the world, including MIT, Oxford, Imperial College London, Max Planck Institute, McGill, Northeastern and the National Institute for Physiological Sciences, Okazaki, Japan on the complex science of advanced intelligent software. 

2. Leading Global Standards Development: VERSES initiated the Spatial Web Foundation, partnered with the Institute of Electrical and Electronics Engineers (IEEE) and engaged with more than a hundred global working group members assisting the development of P2874 Spatial Web Standard, which is a standard that defines the scope, key concepts and a reference model for Spatial Web components, services and specification.
 
3. Government Partnerships: VERSES was selected by the European Commission to develop AI governance for autonomous drone activities and became part of dAIEDGE, a network of excellence for Edge AI (https://aiatedge.eu). 

4. Influencing Research and Consulting Firms: VERSES and their work gained attention from organizations like Deloitte and Gartner Research and collaborated with Dentons, the world’s largest law firm to release “The Future of Global AI Governance.” 

5. Partnering with several Fortune 500 Corporations: VERSES’ vision generated interest among several large corporations, leading to successful pilots and partnerships. VERSES also secured contracts with prominent warehousing and pharmacy retail companies. 

6. Attracting Key Talent: VERSES expanded its team to more than 100 professionals, including 25 PhDs. VERSES believes these strategic hires set solid foundations for future Company growth. 

The Company’s Genius™ beta rollout is expected to begin in October, with early access granted to private beta partners and developers through the end of 2023. The public release is expected sometime in 2024. With this list of milestones, VERSES demonstrates its commitment to a smarter and safer future for AI.