MONTREAL, March 30, 2023 (GLOBE NEWSWIRE) -- NanoXplore Inc. (“NanoXplore”) (TSX: GRA and OTCQX: NNXPF), a world-leading graphene company and its wholly-owned subsidiary VoltaXplore Inc. (“VoltaXplore”), a graphene-enhanced Li-ion battery manufacturer for the Electric Vehicle and grid storage markets, are pleased that the Government of Canada has recognized the critical importance of clean technology manufacturing by introducing a 30% refundable investment tax credit (ITC) in its 2023 Budget.

This federal government initiative, along with the provincial financial support, is in line with NanoXplore’s decision to move forward with the construction of a 2GWh battery cell gigafactory in Quebec.   At nameplate capacity, the facility may produce up to 130 million cells per year.  

The ITC along with the provincial financial support were major milestones for NanoXplore and VoltaXplore and VoltaXplore anticipates finalizing remaining funding in the next few months to potentially start construction in early calendar 2024.

Moreover, NanoXplore will also benefit from the ITC in both federal and provincial 2023 budgets for its battery material initiative, which was unveiled in its 5-year strategic plan back in November 2022.

Soroush Nazarpour, President and Chief Executive Officer of NanoXplore, commented:

“We are very happy with the outcome of both Federal and Provincial budgets. Not only this paves the way for the construction of the VoltaXplore’s 2GWh gigafactory, but also NanoXplore will receive additional funding for its battery material processing initiative. We are most grateful to the Canadian and Quebec governments for their support in these projects and helping shared Canada’s objective of achieving net-zero emissions by 2050. We are in the final stage of our financing and we anticipate starting construction in early calendar 2024 and commission the plant in calendar 2026. This is transformational for both companies and I would like to thank all shareholders for their utmost support. Our graphene-enhanced battery solutions are showing tremendous performance and we are excited to bring them to market.”

About NanoXplore Inc.

NanoXplore is a graphene company, a manufacturer and supplier of high-volume graphene powder for use in transportation and industrial markets. The Corporation 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 across North America and Europe. Please visit www.nanoxplore.ca.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements, and subject to risks and uncertainties. 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.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause NanoXplore’s actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. Any forward-looking information is made as of the date hereof and, except as required by law, NanoXplore does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.

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For further information, please contact:

Martin Gagné
Director, Investor Relations
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Tel: 1 438.476.1927