- NEO Battery Materials (NBM) receives construction permit approval for its silicon anode commercial plant
- The company is currently engaged in discussions to secure reliable, long-term investors
- Strategic investors to cooperate with NEO to expand business initiatives
- The company also plans to target a full-fledged capacity at a minimum production of 2,000 tons per year
- NEO Battery Material (NBM) is up 2.27 per cent, trading at C$0.22 at 1:02 pm EST
NEO Battery Material (NBM) received construction permit approval for a silicon anode commercial plant.
NEO focuses on producing silicon anode materials through its proprietary single-step nanocoating process.
With an initial capacity of 240 tons per year, the commercial plant will be capable of supplying silicon anodes to up to 160,000 electric vehicles.
The company also plans to target a full-fledged capacity at a minimum production of 2,000 tons per year.
The construction permit has been approved after a rigorous examination and due diligence period with the relevant departments of Pyeongtaek City and external organizations.
NEO will proceed to the invitation for bid (IFB) to select the ideal contractor for construction.
Spencer Huh, President and CEO of NEO, added, “We will continue to expedite the next processes to break ground and establish the company into an indispensable supplier of silicon anodes in the EV battery supply chain as soon as possible.”
Management for NEO deems strategic investors that possess the necessary resources, competencies, and networks can support NEO’s business initiatives to expand in the global EV lithium-ion battery sector.
The company prioritizes minimizing equity dilution and achieving the optimal capital structure.
“As we are on schedule to proceed to the next stages, the construction permit approval is a substantial catalyst that provides an advantageous position to attract the ideal strategic investments and serves as a symbolic milestone to our business advancements,” stated Spencer Huh.
In July 2020, the federal government announced the Korean new deal to support green infrastructure and innovation in green industries, adding roughly 135 billion USD to create 1.9 million jobs by 2025.
NEO Battery Materials is a Vancouver-based company focused on electric vehicle lithium-ion battery materials.
NEO Battery Material (NBM) is up 2.27 per cent, trading at C$0.22 at 1:02 pm EST.
