Nano One Materials Corp () (OTCMKTS:NNOMF) announced Monday a major new agreement that sets the stage to advance its lithium ion battery cathode material technology.

The Vancouver-based company signed a joint development agreement with an unnamed Asian cathode material producer to develop and evaluate materials made with combined technologies.

Nano One has developed a patented technology for the low-cost production of high-performance lithium ion battery cathode materials for electric vehicles, energy storage and consumer electronics.

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The technology firm said the agreement “completely aligns” with Nano One’s vision to develop and license its high-performance lithium ion battery cathode material technology.

“We are thrilled to be working with a highly respected cathode producer who shares Nano One’s vision to develop and launch a disruptive cathode business,” CEO Dan Blondal told shareholders in a statement. “This is a defining moment in our evolution and an important milestone in the advancement of our business.”

Nano One’s patented One-Pot process for the production of high-performance coated single crystal cathode powders is included in the agreement, which also lays out a framework to develop a business plan to commercialize the materials.

The development partner, a multibillion-dollar company based outside of China, wishes to remain anonymous due to the competitive nature of the lithium battery supply chain, according to Nano One. The partners may potentially form a joint venture, license the technology or jointly pursue other opportunities.

“We have assembled a valuable portfolio of cathode technologies and our business strategy is designed for opportunities such as this,” Blondal added.

“We are excited to be working with a global leader in innovation and materials manufacturing who share our vision and we look forward to advancing this partnership and expanding our business opportunities.”

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