NanoXplore - Page 2

NanoXplore and its wholly owned subsidiary, VoltaXplore, a silicon-graphene-enhanced Li-ion battery manufacturer for the Electric Vehicle and grid storage markets, have announced that VoltaXplore has agreed on commercial terms for the supply of Li-ion battery cells with a well-known commercial vehicle OEM. 

The batteries include graphene in the anode (graphene-silicon additives) and battery cells will reportedly be produced in VoltaXplore’s gigafactory starting from 2026. The agreement is for 1 GWh per year for a duration of 10 years following a pricing formula that passes through raw material cost to the customer.

NanoXplore and Martinrea International, a global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added Lightweight Structures and Propulsion Systems, through its subsidiary, Martinrea Innovation Developments, have announced NanoXplore's purchase of Martinrea Innovation's 50% equity stake in VoltaXplore.

NanoXplore now owns 100% of the equity and intellectual property in VoltaXplore and Martinrea has increased its existing equity position in NanoXplore from 21.1% to 22.7%. VoltaXplore was formed as a joint venture between NanoXplore and Martinrea in 2021 to collaborate on developing graphene-enhanced Li-ion battery cells for electric vehicles and grid storage and to explore the potential to build a battery gigafactory. NanoXplore will seek to finance the battery gigafactory within VoltaXplore.

Project Arrow, a collaboration between nearly 60 different companies in Canada that is led by the Automotive Parts Manufacturers’ Association (APMA), aims to develop an all-Canadian electric SUV. A few days ago, at the CES (Consumer Electronics Show) event in Las Vegas, a fully operational prototype was unveiled.

Reports suggest that the Canadian government contributed CAD$5 million (over USD$3.7 million) toward the electric compact SUV’s development. Ontario pledged CAD$1.8 million (over USD$1.3 million) and Quebec said it would allocate CAD$1.4 million (over USD$1 million) over 18 months to small- and medium-sized businesses that make connected or autonomous zero-emission automotive components and systems, including those looking to get involved with Project Arrow.

NanoXplore reported its financial results for Q3 2022, with revenues of $27.1 million CAD (up 52% compared to last year). The company reported a loss (EBIDTA) of $1.97 million CAD (down from a loss of $3.7 million CAD last year).

Looking ahead into its FY2023 (which ends on September 2023) NanoXplore expects revenues to reach $110 million. The company also announced a 5-year strategic plan, during which the company will expand its production capacity from its current 4,000 tons to 20,000 tons for graphene and battery materials.

Martinrea International, a global automotive supplier of value-added lightweight structures and propulsion systems (that has a collaboration with NanoXplore), was named a 2022 Automotive News PACE Award winner at the awards ceremony on September 19. 

Martinrea was recognized for its brake lines with GrapheneGuard, which is said to be the first use of graphene in an automotive brake line application. Martinrea recognized the potential of graphene and developed the revolutionary GrapheneGuard coating technology which incorporates graphene into nylon. The development of GrapheneGuard is a convergence of material science innovation and process engineering that brings to the automotive market a brake line coating that reportedly has unmatched properties. The material can provide up to 25 percent weight savings while simultaneously demonstrating superior strength, greater abrasion protection, and improved chemical resistance, all while utilizing current manufacturing equipment and processes.

NanoXplore has announced that it is to purchase a 'significant portion' of the assets of XG Sciences, in a sale conducted by XG’s senior secured creditor pursuant to Article 9 of Michigan’s enactment of the Uniform Commercial Code. NanoXplore and the senior creditor have entered into an asset purchase agreement pursuant to which NanoXplore is acquiring XG’s mechanical milling platform, research and development lab and all issued and pending patents and trademarks, among other items. The payment of this transaction is paid in cash without any share issuance. 

Founded in 2006, XG Sciences specialized in the production of graphene nanoplatelets and the formulations of advanced materials that amplify product performance across diverse applications such as Lithium-ion battery anode materials, automotive, packaging, composites, concrete, and other industrial markets. The Company ceased operations in July. While operating, the Company worked with leading companies such as Ford for noise reduction and light-weighting using graphene-enhanced PU foam as well as Callaway Golf Company for graphene-enhanced golf balls.

NanoXplore and Solmax Group have announced that they have entered into a blanket purchase order, following several years of collaborative work.

The five-year collaboration between the two companies has reportedly resulted in a product and Solmax CEO, Jean-Louis Vangeluwe, said: This cooperation underscores our commitment to delivering growth through forward-looking innovation and collaboration. Our five-year development collaboration with NanoXplore will allow us to launch a next-generation product based on graphene technology that solves some of our customers’ sustainability challenges while also boosting performance.

VoltaXplore, a 50/50 joint venture between Martinrea International and NanoXplore aimed at commercializing the production of graphene-enhanced lithium-ion batteries for the electric vehicle market, recently announced the commissioning of its one megawatt-hour demonstration facility in Montreal, Quebec.

The facility is producing batteries, which are currently being optimized. The company expects graphene-enhanced batteries will have several advantages over existing products in the market today, such as greater capacity, increased battery life, faster charging speeds, and improved safety. Tests aimed at validating these benefits are ongoing, with reportedly encouraging results to date.

Graphene producer NanoXplore announced that it is raising $30 million CAD, selling shares to a syndicate of underwriters led by National Bank Financial Inc. and Canaccord Genuity Corp.

NanoXplore says it will use the funds for general corpoate purposes - which may include potential acquisitions. A few months ago the company announced it has acquired Canuck Compounders, a privately held plastic recycling compounder that provides sustainable and engineered recycled plastic compounds.