Nano One Materials cut net cash burn to $4.3M on $12.3M in government grants in H1 2026, with $20M more undrawn. The Candiac expansion remains on track for H1 2027 commissioning.
VANCOUVER – Nano One Materials Corp. reported $19.3 million in cash at the end of the second quarter, with government grants covering most of its operating burn for the first half of 2026.
The battery materials company posted $17.6 million in working capital as of June 30. Government funding of $12.3 million received in the first six months limited net cash use to $4.3 million, the company said in its Q2 filing. Another $1.0 million arrived from Natural Resources Canada in July.
Since the start of 2024, Nano One has secured more than $63 million in non-dilutive capital across grants, loans, sale-leaseback proceeds, and land sales. As of August, roughly $20 million in undrawn government funding remained available under existing programs for pre-commercial work.
CEO Alex Holmes pointed to the funding pipeline as evidence the company's technology is gaining traction with policymakers. "Governments are adopting policy that recognizes the vulnerability of the battery materials supply chain and favors localization," he said.
The Candiac, Quebec facility is the centerpiece of that strategy. Detailed engineering for the Demonstration Line expansion was 85% complete by mid-July, on schedule and on budget, the company said. Major equipment purchase orders closed in March, and initial deliveries have arrived at the site. Remaining smaller-equipment orders should finish by the end of August.
About 95% of equipment by value–and all IP-sensitive machinery–comes from Canada, the United States, or the European Union. The Candiac site runs multiple front-end One-Pot production lines feeding shared downstream processing, targeting total capacity of roughly 800 tonnes per year once the expansion is commissioned in the first half of 2027.
That capacity would support large-volume sampling for bigger customer contracts, plant design licensing, and joint venture work. It follows the One-Pot LFP CAM Package completed with Worley Chemetics in June, now marketed as a ready-to-license design under the company's "Design One Build Many" growth strategy.
Nano One shares trade on the Toronto Stock Exchange under the ticker NANO. The company has not yet reported material revenue from its cathode active material production.
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