NEO Battery Materials Provides South Korean Commercial Plant and Corporate Updates
March 22 2023 - 9:00AM
(
TSXV:
NBM) (
OTCQB: NBMFF)
- In Discussion
with 3 Contractors for RFQ in 2 Weeks & Will Select Best
Contractor Based on Critical Procurement Factors
- Additional
Material Evaluation with Further-Enhanced Silicon Anodes with 3
US-Based Battery Cell Manufacturers Including a Solid-State Battery
Developer
- Engaged with
Working Partners to Carry Forward Collaborative Ventures in
Domestic and International Markets
- Final Stages of
Securing Prominent U.S. VC Cleantech and Battery Funds for
Long-Term, Reliable, and Value-Enhancing Strategic Investments
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 process for the South Korean
Commercial Plant, material evaluation of further-enhanced silicon
anodes, and strategic investments with U.S. venture capital
funds.
Following the construction permit approval of
the South Korean Commercial Plant, NEO Battery Materials has
advanced discussion with 3 contractors for a request for quotation
(RFQ) process. In the next two weeks, the Company will accordingly
receive construction quotes. Based on essential procurement
factors, such as technical expertise, project execution, and
cost-effectiveness, NEO will select the most qualified contractor
to advance commercialization to the next step.
With 3 U.S.-based battery cell manufacturers
including a solid-state battery developer, the Company is scheduled
to send further-optimized NBMSiDE™, NEO’s proprietary silicon anode
materials, samples for material evaluation and validation in
lithium-ion battery cells. Additionally, optimistic developments
have allowed the Company to discuss domestic and international
expansion plans with working partners. Both parties aim to carry
forward collaborative ventures and projects for active NBMSiDE™
integration in EV batteries.
The Company is also in the final stages of
securing prominent U.S. venture capital funds with a primary focus
on the cleantech and battery sector. These long-term, reliable
strategic investments will provide NEO with the resources needed to
continue material optimization, commercialization efforts, and U.S.
expansion. NEO Battery Materials targets partners that will provide
value-enhancing solutions that can strengthen working relationships
and introduce new collaborative business opportunities with global
battery industry players.
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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