- NEO Battery Materials (NBM) has signed a memorandum of understanding with the Province of Gyeonggi in South Korea
- The MOU establishes grounds for cooperation between NEO and Gyeonggi-do to advance the mass production of silicon anode materials for electric vehicle batteries
- The Province of Gyeonggi, or Gyeonggi-do, is the most populous (13.4 M) and houses the largest provincial government in Korea
- NEO Battery Materials Ltd is a Vancouver-based company focused on electric vehicle lithium-ion battery materials
- NEO Battery Materials Ltd was up 1.613 per cent, trading at $0.315 at 11:29 AM ET
NEO Battery Materials (NBM) has signed a memorandum of understanding with the Province of Gyeonggi in South Korea.
The MOU establishes grounds for investments and cooperation between NEO and Gyeonggi-do to advance the mass production of silicon anode materials for electric vehicle (EV) batteries.
Through the MOU, NBM Korea Co., Ltd., a wholly owned subsidiary of NEO Battery Materials, will initially invest, over the next 5 years, 24 billion KRW or approximately C$25 million to support the construction and expansion of the silicon anode commercial plant located on a 107,000 sq. ft. site in Oseong Foreign Investment Complex, Pyeongtaek City, Gyeonggi-do.
With the discussed upfront capital investments, NEO emphasizes a priority for mass-production optimization and validation as minimizing the timeline to enter the market and establishing the company’s presence within the EV supply chain is vital to technology adoption in the industry.
In addition, both NEO and the Province can establish and operate a Working-Level Committee for standards of comprehensive cooperation, and separate mutual consultations will be held successively.
“Lithium-ion batteries are the next catalyst for South Korea’s economic growth, succeeding the semiconductor industry, but the Korean battery industry is only a house built on sand without distinctive competitiveness and innovation in battery material technology,” said Han Kyu Lee, 2nd Vice-Governor of Administration of Gyeonggi-do.
“Through this MOU, NEO Battery Materials has secured a practical and useful partnership with the Province of Gyeonggi, which is the most populous and largest provincial economy in South Korea, and we expect that ongoing corporate developments will be able to proceed and produce results without problem and deterrence to the plan” stated Spencer Huh, President and CEO of NEO.
The Province of Gyeonggi, or Gyeonggi-do, is the most populous (13.4 M) and houses the largest provincial government in Korea. The province surrounds Seoul, the capital of South Korea. Gyeonggi-do is also known as the hub of industries and as the regional economy in Korea with the #1 international trade volume of USD 141.8B in 2019 among all the provinces.
NEO Battery Materials Ltd. is a Vancouver-based company focused on electric vehicle lithium-ion battery materials.
NEO Battery Materials Ltd was up 1.613 per cent, trading at $0.315 at 11:29 AM ET.
