NEO Battery Materials Designates Preferred Contractor for South Korean Commercial Plant Construction
May 19 2023 - 9:00AM
(
TSXV:
NBM) (
OTCQB: NBMFF)
- Designated
Preferred Contractor for South Korean Commercial Plant
- To Commence
Final Negotiations Regarding Estimate Details, Construction
Timeline, Material Procurement, and Other Considerations
- To Initiate
Construction Upon Finalization of Construction Contract and Expects
Completion by the First Half of 2024 for Plant Commissioning and
Mass Production Validation
- Preferred
Contractor with Various Experience with GMP Cleanrooms, Advanced
Engineering Plants, and Logistics Systems Construction
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
announce that the Company has designated the preferred contractor
(the “Contractor”) for the South Korean Commercial
Plant, following the bids received from the RFQ process.
Per the press release dated April 10, 2023, NEO
Battery Materials successfully completed the request for quotation
(RFQ) process, receiving three tentative quotes from local South
Korean contractors. After internal analysis, planning, and
discussion with NEO’s management and commercialization engineering
team, the Company has designated the preferred contractor and will
commence final negotiations regarding estimate details,
construction timeline, material procurement, and other relevant
considerations.
Once the contract is finalized, the Contractor
will initiate site clearance, earth-bracing work, sleeve work,
conduit, joint wall, framework, and foundation construction in the
first three months. NEO Battery and the Contractor expect the South
Korean Commercial Plant to be completed by the first half of 2024,
with the commissioning and mass production validation occurring
within that year.
The Contractor has established a comprehensive
engineering system to deliver NEO a turn-key-based solution for its
commercial plant construction. With a high degree of expertise in
various sectors, the Contractor focuses on good manufacturing
practices (GMP) cleanrooms, advanced engineering plants for
semiconductors and chemicals, and logistics systems.
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.
A photo accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/c37045b3-13de-4752-bc27-ea8660ef1a42
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