Rio Tinto and battery metals company Nano One Materials Group have entered into a strategic partnership to accelerate Nano One's commercialisation strategy.
Rio Tinto will invest US$10 million into the company, which will speed up development of Nano One's multi-cathode commercialisation strategy and support the manufacturing of cathode active materials in Canada.
The partnership will include a study of Rio Tinto's battery metal products, including iron powders manufactured at Rio Tinto' Fer et Titane [Iron and Titanium] facility in Sorel-Tracy, Quebec. These powders would potentially act as feedstock for cathode materials.
Nano One expects to close the acquisition of a facility in Quebec by the end of the year.
The companies will also collaborate on the development, design, construction, and operation of cathode production facilities.
In exchange for these technical services, Nano One will issue Rio Tinto 1 million non-transferrable shares.
"Localised, clean and secure supply chains are critical for the success of the energy transition that is now underway, and this requires partners with innovative companies like Nano One to help us differentiate, disrupt, and accelerate the path to a net-zero future," Rio Tinto's Managing Director of Battery Materials portfolio Marnie Finlayson said.
Canada's Minister for Natural Resources Jonathan Wilkinson said the collaboration is what Canada needs to "develop a globally competitive supply chain."
