Sumitomo Metal to invest in Canada's Nano One to collaborate on battery material
Published by
ScrapPrices
Published on September 25,2023 07:00 AM Metals
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.
Sumitomo Metal to invest in Canada's Nano One to collaborate on battery material

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.

MORE METALS NEWS
July 14,2025 07:00 AM
U.S. efforts to break China's dominance of the rare earths market and to drive investment in its own industry have moved up a gear with a Washington-backed plan to create a separate, higher pricing system.
July 09,2025 07:00 AM
Copper prices jumped by double digits on Tuesday after US President Donald Trump announced plans to implement a 50% tariff on the industrial metal.
July 08,2025 08:00 AM
Copper prices in the United States jumped more than 12% to a record high above $12,330 per metric ton after U.S. President Donald Trump said he would announce a 50% tariff on imports of the metal on Tuesday.