Sdtc Contribution Agreement
As announced on May 31, 2019, Nano One has been approved for an additional $5 million by SDTC to support Nano One`s Scaling Advanced Battery Materials project. Nano One and SDTC recently entered into a project financing agreement that resulted in An initial contribution of $973,814. This is a unique undiluted contribution in response to COVID-19`s situation, in addition to 5% of SDTce`s current $5 million commitment to the Nano One “Scaling of Advanced Battery Materials” project, bringing the overall agreement to $5.25 million. Yes, yes. SDTC allows up to 75% of public resources (from each level) for a project. SDTC Fund 33% on average (up to 40%) eligible projects and requires at least 25% private funds that may include in-kind contributions from unionized partners. The balance of project costs can be funded by other governments. To apply for funding from SD Tech FONDS, a company must first submit a Declaration of Interest (SOI) for evaluation by SDTC. If the OSI is successful, the company is invited to submit a detailed evaluation proposal as part of the screening and evaluation procedure (S-E), including due diligence, an on-site visit by SDTC`s S-E experts and a review by external experts. The proposal will then be shared and reviewed with SDTC and, if the Board of Directors agrees, the applicant will be transferred to the contract and enter into a formal agreement with SDTC by signing the Contribution Agreement (CA). This $3 million provincial contribution is provided through a funding partnership with SDTC and complements Nano One`s existing project funding agreement with SDTC, which was implemented in September 2019 and brings the total contribution to $8,283,000. The initial scope of the project and the results of the milestones remain unchanged. Dan Blondal, CEO of Nano One Materials, is pleased to announce that Sustainable Development Technology Canada`s (SDTC) contribution to Nano One has increased from $5,000,000 to $5,250,000, with an additional payment of $250,000.
SDTC is responsible for the management of the SD Tech fund in accordance with the investment guidelines, in accordance with the financing agreement with ISED.