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Hedge Fund That Benefited From Workhorse Bet Has a New EV Pick

  • Formidable Asset Management has invested in Nano One Materials
  • Sees company as a ‘compelling way’ to benefit from EV optimism
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Formidable Asset Management LLC, a hedge fund that profited from an early bet on electric-vehicle maker Workhorse Group Inc., has a new pick for the sector: Nano One Materials Corp.

The Cincinnati-based fund sees Nano One as “a company with the potential to be truly transformative” as it looks to occupy a niche in the battery value chain by producing more durable nanocrystals. Nano One has a scalable, capital-light business along with established partners and innovative technology, the fund wrote in a research report on Monday evening. Formidable Asset said it recently established a position in the stock, but it didn’t provide details on the size of its stake or when it was acquired.