MONTREAL, March 27, 2023 (GLOBE NEWSWIRE) — NanoXplore Inc. (“NanoXplore” or “the Corporation”) (TSX: GRA and OTCQX: NNXPF), a world-leading graphene company, and Martinrea International Inc. (“Martinrea”), a diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value added Lightweight Structures and Propulsion Systems, through its subsidiary, Martinrea Innovation Developments Inc. (“Martinrea Innovation”) today announced NanoXplore’s purchase of Martinrea Innovation’s 50% equity stake in VoltaXplore Inc. (“VoltaXplore”) for an aggregate equity consideration of $10 million on March 24, 2023. NanoXplore now owns 100% of the equity and intellectual property in VoltaXplore and Martinrea has increased its existing equity position in NanoXplore from 21.1% to 22.7%. VoltaXplore was formed as a joint venture between NanoXplore and Martinrea in 2021 to collaborate on developing graphene-enhanced Li-ion battery cells for electric vehicles and grid storage and to explore the potential to build a battery gigafactory. NanoXplore will seek to finance the battery gigafactory within VoltaXplore, without dilution to NanoXplore’s shareholders.
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