NEO Battery Materials Enters Into Binding Agreement with Preferred Contractor for South Korean Commercial Plant Construction
July 05 2023 - 8:45AM
(
TSXV:
NBM) (
OTCQB: NBMFF)
- Entered Into
Binding Agreement with Preferred Contractor for South Korean
Commercial Plant
- To Initiate
Ground Break in August 2023 with Targeted Completion by First Half
of 2024 for Plant Commissioning and Mass Production Validation
- Initial Capacity
of 240 Tons Per Year with Final Scale-Up to 5,000 Tons Per
Year
- Will Supply Up
to 3 Million EVs Across South Korea, the U.S., and Europe
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 entered into a binding agreement with
its preferred contractor (“Contractor”) and
expects the construction of the South Korean Commercial Plant to
initiate next month in August.
Per the press release dated May 19, 2023, NEO
had designated its preferred contractor for final negotiation and
due diligence regarding construction project details, estimates,
and timelines. Through successful collaboration between the
Company’s commercialization engineering team and the Contractor for
the past month, NEO Battery Materials has negotiated favourable
project budgets, construction work deliverables, and other
necessary terms for the timely completion of the Commercial
Plant.
In mid to late August, the Contractor will break
ground for the site clearance, civil engineering, and foundational
construction work. With a targeted completion by the first half of
2024, the facility will supply low-cost, high-performance silicon
anode materials to EV battery cell manufacturers in South Korea and
across U.S. and Europe. With an initial capacity of 240 tons per
year, NEO Battery Materials will scale the manufacturing capacity
up to 5,000 tons to supply approximately 3 million EVs
annually.
Mr. Spencer Huh, President & CEO of NEO,
commented, “The binding agreement with our preferred contractor has
come at the right time as we continue actively cooperating with
global battery manufacturers and EV automakers to optimize the
materials for commercial-level specification and use. Together with
the help of Gyeonggi province, we will build out the Commercial
Plant strategically through the use of grants, subsidies, and
strategic investments across the South Korean battery supply
chain.”
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
