NEO Battery Materials Provides Corporate Updates on NBM America and Silicon Anode Product Evaluation & Pipelines
February 21 2023 - 09:00AM
(
TSXV:
NBM) (
OTCQB: NBMFF)
- Engaged and
Discussed with Ohio’s Business and Economic Development
Organizations for U.S. EV Battery Industry Expansion
- Will Cooperate
for Site Selection, State-Level Funding, and Resource Access
- To Establish
Ohio R&D Center to Expedite Timeline for Joint Venture
Opportunities
- Rigorous Testing
Efforts with NDA Partners & Additional Attraction to
High-Performance Silicon Anodes
- Increasing
Research Efforts for Developing CNT-Based Silicon Anode Material
for Product Pipeline Enhancement
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 corporate updates on (i) expansion developments of NBM
America Ltd., and (ii) silicon anode product evaluation and
pipeline strategies.
NBM America Ltd. Expansion
DevelopmentsAs announced on January 25, 2023, NEO Battery
Materials is planning to establish NBM America Ltd. as a private
subsidiary company in Ohio, U.S. The expansion objective is to
initiate business development in the growing North American EV
battery supply chain and support collaborative interactions and
opportunities with U.S.-based NDA partners.
In the past two weeks, management has engaged
and discussed with JobsOhio through South Korean representatives
and REDI Cincinnati, Ohio’s business and economic development
organizations. To operate in the optimal location in the U.S.
battery industry, NBM America will work with organization officials
for site search and selection, state-level non-dilutive grants,
talent acquisition, and regional public relation development.
To expedite the timeline for joint venture
opportunities, NEO plans to establish an R&D Center to
manufacture silicon anode samples for North American battery
manufacturers. This strategic facility will increase logistical
efficiency by reducing the backlog time between material evaluation
and optimization. The Company also initiated discussions with U.S.
venture capital firms to secure series funding for NBM America, and
NEO aims to develop complementary value-enhancing projects.
NBMSiDE™ Silicon Anode Product
Evaluation & PipelineRecently signing 5 additional
NDAs in the EV battery industry including a U.S.-based investment
bank and a private equity firm, NEO is in the feedback process of
manufacturing and delivering performance-optimized NBMSiDE™ for
further evaluation. The high-capacity characteristics have
attracted the interest of several battery cell and material
manufacturers, and various testing is planned with solid-state
electrolytes and industry-standard NMC and LFP cathodes.
In the South Korean Scale-Up Center, the R&D
engineering team is scheduled to utilize in-house manufacturing
capabilities for full cell testing with silicon anodes, and due to
positive feedback, larger-format evaluations with pouch-type cells
will commence with NDA partners.
In collaboration with NanoRial Technologies and
Applied Carbon Nano Technology, the Company seeks further
cooperation with CNT manufacturers to fortify the product
differentiation strategy.
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.
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