NEO Battery Materials Provides Silicon Anode Commercial Plant Updates on Construction Permit Timeline
December 22 2022 - 9:00AM
(
TSXV:
NBM) (
OTCQB: NBMFF)
- In Due Diligence
Period with Pyeongtaek City’s Relevant Departments and Officials
for Silicon Anode Commercial Plant Construction Approval
- Expecting Permit
Approval Middle to End of January 2023
- Initiated
Discussion with South Korean Financial Institutions and Banks for
Strategic Debt Financing at Low Interest Rates for Construction and
Equipment
- Actively
Exploring Non-Dilutive Funding Options through South Korean
Government Policies Related to Clean Technology, Automobile
Electrification, and Net-Zero Emissions
- Significant
Progress in Both Construction and Technology Optimization for
Electric Vehicle Silicon Anode Commercialization
NEO Battery Materials Ltd.
(“NEO” or the
“Company”),
a low-cost silicon anode materials developer that enables
longer-running, rapid-charging lithium-ion batteries, is pleased to
provide updates on the construction permit for NEO’s Silicon Anode
Commercial Plant in the Oseong Foreign Investment Zone.
Silicon Anode Commercial Plant:
Construction Permit Update As announced on November 30,
2022, the Company has submitted the plant’s construction permit
application to the City of Pyeongtaek through its South Korean
subsidiary, NBM Korea. NEO’s management and commercialization
engineering team are currently in discussion with the city’s
construction and relevant departments and performing the necessary
due diligence and regulatory work to gain permit approval.
Concerning the timeline, the Company expects the construction
permit to be approved by the middle to end of January.
Mr. Spencer Huh, President and CEO of NEO, said,
“As NEO inches towards the construction of our 240 tonnes per annum
silicon anode commercial facility, we have started discussing with
South Korean financial institutions and banks to secure strategic
debt financing at low interest rates for construction and
equipment. Additionally, like the Inflation Reduction Act in the
U.S., the Company is actively searching for South Korean government
subsidies, grants, and policies that emphasize clean technology and
automobile electrification initiatives. Our MOU and collaboration
with the Gyeonggi Province will allow us to gain access to the
political network and to be plausible candidates for these
initiatives.”
Mr. Sung Rock Hwang, COO of NEO and former
executive director of Samsung SDI, commented, “On the construction
side of commercialization, our team has been exceptionally working
well with the city’s officials, and we expect to announce soon our
long-awaited news for construction permit approval, which will help
our silicon anode technology to advance another step in being
integrated in electric vehicles. On the technology side of
commercialization, significant progress in optimization has been
made through feedback, and we soon anticipate milestone deals with
lithium-ion battery supply chain partners that will help us build a
reputation within the ecosystem.”
The construction permit is first submitted as an
application for urban planning review and discussed with Pyeongtaek
City’s construction department to arrange consultations with the
relevant internal and external departments for licensing such as
Urban Planning, Construction Permit, and Environmental. The related
documents for the architectural, layout, floor, elevation,
structure, and firefighting plans are being concurrently
submitted.
About NEO Battery Materials
Ltd.NEO Battery Materials Ltd.
is a Vancouver-based company focused on electric vehicle
lithium-ion battery materials. NEO has a focus on producing silicon
anode materials through its proprietary single-step nanocoating
process, which provides improvements in capacity and
efficiency over lithium-ion batteries using graphite in their anode
materials. The Company intends to become a silicon anode active
materials supplier to the electric vehicle industry. For more
information, please visit the Company’s website at:
https://www.neobatterymaterials.com/.
On behalf of the Board of
DirectorsSpencer HuhPresident and
CEO604-355-6463shuh@neobatterymaterials.com
This news release includes certain
forward-looking statements as well as management's objectives,
strategies, beliefs and intentions. Forward looking statements are
frequently identified by such words as "may", "will", "plan",
"expect", "anticipate", "estimate", "intend" and similar words
referring to future events and results. Forward-looking statements
are based on the current opinions and expectations of management.
All forward-looking information is inherently uncertain and subject
to a variety of assumptions, risks and uncertainties, including the
speculative nature of mineral exploration and development,
fluctuating commodity prices, the effectiveness and feasibility of
technologies which have not yet been tested or proven on a
commercial scale, competitive risks and the availability of
financing, as described in more detail in our recent securities
filings available at www.sedar.com. Actual events or results may
differ materially from those projected in the forward-looking
statements and we caution against placing undue reliance thereon.
We assume no obligation to revise or update these forward-looking
statements except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
NEO Battery Materials (TSXV:NBM)
Historical Stock Chart
From Apr 2024 to May 2024
NEO Battery Materials (TSXV:NBM)
Historical Stock Chart
From May 2023 to May 2024