Croatian EV Supercar Maker Raises $537 Million to Build High-Performance Sports EVs

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LONDON, June 9, 2022 /PRNewswire/ -- EV supercar maker Rimac Group has just raised a whopping $536.6 million to scale up to meet the demand for batteries and other systems to help the automotive industry go electric. Rimac Group, which oversees the manufacture of multimillion-dollar supercars like the Bugatti Chiron and the upcoming $2.4 million Nevera hypercar, plans to use the capital to build out the engineering and manufacturing capabilities of its subsidiary, Rimac Technology. Rimac Technology will produce tens of thousands of components annually, with products ranging from hybrid and full-electric battery systems to full rolling chassis. The company has already attracted several big-name automaker clients like Ferrari, Jaguar, Mercedes-Benz, Porsche, Hyundai, and Renault. The company's planned expansion comes at a time when electric vehicle sales are experiencing substantial growth, signaling good things to come for companies like Nano One Materials (TSX: NANO) (OTCPK: NNOMF), QuantumScape Corporation (NYSE: QS), Plug Power Inc. (NASDAQ: PLUG), Romeo Power, Inc. (NYSE: RMO) and Livent Corporation (NYSE: LTHM).

Nano One Materials (TSX: NANO) (OTC: NNOMF) is a technology company with a patented and scalable industrial process for the production of low-cost, high-performance cathode powders used in lithium-ion batteries. These unique materials are designed to add value to electric vehicles and grid storage batteries as part of the global push towards a zero-emission future.

On June 9, Nano One and Rio Tinto, a leading global mining and metals group, announced a strategic partnership providing materials, collaboration and a US$10 million investment into Nano One. As a result of this partnership and funding, Nano One will accelerate its multi-cathode (multi-CAM) commercialization strategy and support cathode active materials (CAM) manufacturing in Canada for a cleaner and more efficient battery supply chain for North American and overseas markets.

Nano One's patented One-Pot process and metal-to-cathode active material (M2CAM) technologies enable the manufacture of nickel-rich (NMC), iron-rich (LFP) and manganese-rich (LNMO) lithium-ion cathode active materials with fewer steps, lower costs, less complexity and a much smaller environmental footprint. This technology applies to all lithium-ion battery chemistries used in electric vehicles, renewable energy storage, and portable electronics.

Nano One and BASF SE have also recently signed a Joint Development Agreement (JDA) under which the companies will jointly develop a process with reduced by-products for the commercial production of next-generation cathode active materials (CAMs), based on BASF's HED^TM-family of advanced CAM and using Nano One's patented One-Pot process and metal direct to CAM (M2CAM^®) technologies. BASF is a globally active chemical company with extensive experience in developing and manufacturing battery materials.

BASF has a family of CAM products well suited to the evolving battery requirements in automotive drivetrains and has a proven track record of developing these products in collaboration with others. Nano One and BASF will also use the M2CAM^® process for greater flexibility in terms of manufacturing approach and performance of the resulting product, reduced energy consumption and environmental footprint.

The joint development plan has different phases and stages and is the result of Nano One's process and product evaluation. The signing of the JDA represents an important milestone in the business relationship between BASF and Nano One.

For more information about Nano One Materials Corp. (TSX: NANO) (OTC: NNOMF), click here.

Battery Manufacturers Are Scaling Up Production to Meet Higher EV Demand

In a letter to shareholders, solid-state battery manufacturer QuantumScape Corporation (NYSE: QS) provided corporate updates from Q1 2022, including a manufacturing scale-up and a new 16-layer, solid-state cell that has endured over 500 charge cycles. This 16-layer result is in this proprietary cell format and represents an encouraging proof of concept for QuantumScape. The company has been working to increase the scale of its production. Indeed, it recorded average weekly starts of over 3,700 exiting Q1 2022, compared to less than 2,000 exiting Q4 2021. QuantumScape also recently expanded into the Asia-Pacific region with a new office in Japan that will include a state-of-the-art laboratory to conduct battery research and development (R&D).

Plug Power Inc. (NASDAQ: PLUG), a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, announced that it has been awarded an order to deliver one gigawatt (GW) electrolyzer to green hydrogen solutions company H2 Energy Europe. Plug Power's electrolyzer technology will enable the production of up to 100,000 metric tonnes per year of green hydrogen for use in the energy and transportation sector in northern Europe. It will supply the fuel needed for the equivalent of approximately 15,000 heavy-duty vehicles per day, making it the largest capacity electrolyzer installation in the world to date. Through its joint venture with Hyundai, H2 Energy will supply fleets of heavy-duty fuel cell trucks. Earlier this year, H2 Energy entered into a joint venture with Phillips 66 to build over 250 hydrogen fueling stations in Denmark, Germany and Austria powered by green hydrogen from H2 Energy.

On May 26, Romeo Power, Inc. (NYSE: RMO), an energy technology company delivering advanced electrification solutions for commercial vehicles, announced that it will be supplying batteries to a leader in powertrain performance products. According to Romeo Power CEO Susan Brennan, commercial expansion into aftermarket solutions fits into the company's commercial strategy to support vehicle electrification at all stages of the lifecycle and serves as a solid indicator of the company's efforts to expand the application of its leading technology into the growing spectrum of vehicle electrification opportunities. Brennan added that Romeo Power's batteries offer the power and energy needed while staying light and compact to complement the company's customers' innovative product line.

On May 27, Livent Corporation (NYSE: LTHM) and the developer of the first all-electric vertical take-off and landing jet, Lilium, announced a research and development (R&D) collaboration agreement to advance lithium metal technology for use in high-performance battery cells. Collaborating with Livent is an important step toward securing Lilium's future access to the high-performance battery cell technology that will power Lilium's jets. Livent supplies lithium to many of the world's leading electric vehicle brands and battery manufacturers. As a fully-integrated lithium producer, Livent Corporation uses its differentiated technology processes to source raw lithium and manufacture a range of specialty lithium products in an environmentally-responsible, safe, and sustainable manner.

Nano One Materials' One-Pot process, coated single crystal materials and Metal to Cathode Active Material (M2CAM^®) technologies address fundamental performance needs and supply chain constraints while reducing costs and carbon footprint.

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