Total
0
Shares
NEO Battery Materials - CEO, Spencer Huh.
CEO, Spencer Huh.
President & CEO of Battery Materials Dr. Spencer Huh Source: NEO Battery Materials
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • NEO Battery (NBM) has completed the conceptual design and initiated engineering of its semi-commercial plant in South Korea
  • Raw materials, utilities, major equipment and annual production rate have all been finalized
  • The company has entered the engineering, procurement and construction stage with the intention of having the plant completed and commissioned by the end of 2022
  • NEO Battery Materials is a Vancouver-based company focused on battery metals and materials
  • NEO Battery (NBM) is up by 1.82 per cent and is currently trading at $0.56 per share

NEO Battery (NBM) has completed the conceptual design and initiated engineering of its semi-commercial plant in South Korea.

The conceptual design report has validated the facility’s annual production rate of 120 tons of silicon anode materials.

The report also determined the necessary raw materials and utilities to accommodate annual production, in addition to facility guidelines for health, safety and environmental protection.

The conceptual design was carried out in full consideration of scaling up to a full commercial plant with no limitation on building future plants in Europe and North America.

The company has also finalized basic engineering design data, as well as the configuration and equipment for major production processes for its one-pot nanocoating technology.

NEO has begun the engineering, procurement and construction stage for its semi-commercial plant with the intention of having it completed and commissioned by the end of 2022.

Spencer Huh, President and CEO of NEO Battery Materials, stated,

“NEO is now another step towards commercializing our silicon anode materials for EV lithium-ion batteries and is actively expediting our timelines and milestones.

Concerning the site selection of the semi-commercial facility, NEO is currently negotiating with two South Korean provincial governments to find the most suitable and economical option for construction. The company is considering the benefits provided to foreign-invested companies by the government and the proximity with South Korean battery manufacturers.

We are also in the last stages of establishing the South Korean subsidiary NEO Battery Materials Korea, and we are proceeding with all business and engineering activities without delay. As all developments are secured and completed, we will accordingly announce all updates as soon as possible.”

J. H. Park, NEO’s Director and Chief Scientific Advisor added,

“The semi-commercial plant is of great significance as NEO’s management and engineers have successfully designed the plant to enable both low-cost production of the silicon anode materials and flexibility of specification to satisfy the needs of various customers in the supply chain.”

NEO Battery Materials is a Vancouver-based company focused on battery metals and materials.

NEO Battery (NBM) is up by 1.82 per cent and is currently trading at $0.56 per share as of 10:02 am ET.

More From The Market Herald
The Market Herald Video

" Railtown AI Technologies (CSE:RAIL) announces CSE listing

Railtown AI Technologies (RAIL)  has completed its prospectus offering and listing on the Canadian Stock Exchange.

" DGTL Holdings (TSXV:DGTL) updates concurrent financing in Engagement Labs acquisition

DGTL Holdings (DGTL) has agreed to amend some of the conditions of its agreement with Engagement Labs.
Plurilock - CEO, Ian Paterson.

" Plurilock (TSXV:PLUR) announces fall 2021 product release

Plurilock Security (PLUR) has announced the availability of its fall 2021 product release.

" Siyata Mobile (NASDAQ:SYTA) launches VK7 vehicle accessory designed for use with the SD7 handset

Siyata Mobile (SYTA) has launched a new vehicle kit accessory that provides a unique solution for push-to-talk communication.