Nano One to acquire Johnson Matthey Battery Materials Canada; JM takes stake in AEM electrolyzer pioneer Enapter
Battery materials company Nano One Materials has entered into a binding agreement to acquire all of the outstanding shares of Johnson Matthey (JM) Battery Materials Ltd. (JMBM Canada) for approximately C$10.25 million (US$8 million). The acquisition is fully funded and is on a cash-free, debt-free basis and is subject to certain working capital adjustments.
JMBM Canada includes a team with more than 360 years of collective experience, including R&D, pilot to commercial scale cathode production and product qualification and quality assurance systems qualified for tier 1 automotive lithium-ion cell manufacturers.
JMBM Canada also includes a 2,400 tonne per annum capacity LFP production facility located in Candiac, Québec occupying approximately one tenth of the 400,000 square foot property.
The transaction is expected to complete by the end of 2022, subject to JMBM Canada fulfilling contractual commitments and certain other closing conditions.
The Candiac production facility was acquired by Johnson Matthey in 2015 and has been in operation since 2012. It is a supplier of lithium iron phosphate (LFP) cathode material to the lithium-ion (Li-ion) battery sector for both automotive and non-automotive applications for a select group of customers.
Strategically located in Candiac, Québec, it has the benefit of access to a North American ecosystem which will serve the broader global community with cost-effective, resilient, and environmentally sustainable cathode materials.
Enapter. Separately, Johnson Matthey announced a strategic partnership with Enapter, a pioneer and commercial leader in Anion Exchange Membrane (AEM) electrolysis. AEM is a next-generation electrolyzer technology that promises to drive down the cost of green hydrogen towards a point where it becomes competitive with fossil fuels.
The partnership will include collaborating on the joint development of advanced components for Enapter’s AEM stacks. Specialized catalysts will also be supplied, recognising Johnson Matthey’s expertise in catalysis.
As part of the partnership, JM will invest €20 million (representing 4.31%) in Enapter.
Both companies are committed to supporting the transition to net zero by accelerating the development of AEM electrolysis. Enapter’s highly efficient standardised and modular AEM electrolysers allow green hydrogen production from kW to MW scale at lower associated costs for various applications, including electricity storage (residential and industrial), production of synthetic gas or methane (power-to-gas), mobility (hydrogen refuelling and e-fuels) and industrial use.
Johnson Matthey and Enapter will jointly investigate opportunities for the recycling of production scraps and components from end-of-life products, recognizing Johnson Matthey’s competitive advantage in offering closed-loop solutions.
Our ambition is to become the global leader in green hydrogen technologies and to diversify our technology base in this booming market, both in the electrolyzer and fuel cell markets. This strategic partnership is at the heart of our strategy as we focus our resources on growth areas targeted at climate change solutions.—Liam Condon, CEO of Johnson Matthey