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NanoXplore Inc. (" NanoXplore ") (TSX-V: GRA and OTCQX: NNXPF) and Martinrea International Inc. (" Martinrea ") (TSX: MRE) announce that they have formed a joint venture, VoltaXplore Inc. (" VoltaXplore "), a battery-based initiative to service the electric transportation and grid storage market.
VoltaXplore will initially build a demonstration facility to develop and produce electric vehicle (EV) batteries enhanced with graphene, one of the world's thinnest and strongest materials, with tremendous characteristics. The venture combines NanoXplore's position as a world leader in the science and production of graphene and graphene-enhanced materials and Martinrea's expertise as a leading manufacturer of automotive and industrial parts, specializing in Lightweight Structures and Propulsion Systems. VoltaXplore will be developing and manufacturing Li-Ion battery cells for electric vehicles initially in a new 1MWh facility in Montreal. The joint venturers believe that graphene-enhanced batteries will considerably improve existing battery performance.
Following a successful demonstration of improved battery performance using graphene and based on positive customer feedback as well as building the business case, VoltaXplore intends to build and commission a 10GWh battery cell manufacturing facility in Canada.
NanoXplore and Martinrea have each invested $4 million initially into VoltaXplore as startup capital to support the construction of demonstration facility, with each committed to provide up to an additional $6 million in development funding if, as and when required. NanoXplore and Martinrea each hold a 50% equity interest in VoltaXplore. Pat D'Eramo, Martinrea's President and CEO, will be VoltaXplore's Chairman and Soroush Nazarpour, NanoXplore's founder and CEO, will be VoltaXplore's CEO. Both are the initial directors. Each company will provide critical scientific, development and manufacturing expertise as appropriate.
Soroush Nazarpour commented:
"Graphene is a really exciting material for improved performance in Li-ion batteries. It increases the charging speed and capacity of the batteries while improving safety by enabling batteries to work at lower temperatures. VoltaXplore will benefit from using NanoXplore's graphene-enhanced silicon anode formulation and will manufacture cylindrical Li-ion cells. One of the keys to an electric vehicle future is significantly improved batteries, and we believe we can be a part of the solution, both at VoltaXplore and as a graphene provider at NanoXplore. We believe the successful development of graphene enhanced batteries will result in the need for high volumes of graphene powder. We continue to benefit from our partnership with Martinrea, and this is another step in our successful working relationship."
Pat D'Eramo commented:
" We are an increasing part of the EV landscape, and are very excited to continue to work with NanoXplore, as we have to date in manufacturing operations and in developing the world's first graphene-enhanced brake lines that will go on vehicles this summer. Martinrea continues to expand its EV product portfolio, including battery trays and electric motor housings, where we have product wins with leading customers, including OEMs and EV suppliers such as Samsung. VoltaXplore is a natural next step for us, as we combine our abilities to make great products with NanoXplore's leading work in the graphene space.''
About NanoXplore Inc.
NanoXplore is a graphene company, a manufacturer and supplier of high-volume graphene powder for use in industrial markets. NanoXplore provides standard and custom graphene-enhanced plastic and composite products to various customers in transportation, packaging, electronics, and other industrial sectors. NanoXplore is headquartered in Montreal, Quebec with manufacturing facilities in Canada, the United States and Europe.
About Martinrea International Inc.
Martinrea is a diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added Lightweight Structures and Propulsion Systems. Martinrea operates in 57 locations in Canada, the United States, Mexico, Brazil, Germany, Slovakia, Spain, China, South Africa and Japan. Martinrea's vision is making lives better by being the best supplier we can be in the products we make and the services we provide.
Forward-looking Statements
This press release contains forward-looking statements. All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Forward-looking statements are not facts, but only predications and can generally be identified by the use of statements that include phrases such as "anticipate", "believe", "continue", "could", "estimate", "foresee", "grow", "expect", "plan", "intend", "forecast", "future", "guidance", "may", "predict", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes.
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For more information, please contact:
Soroush Nazarpour
President & CEO
NanoXplore Inc.
info@NanoXplore.ca
(514) 935-1377
