NEO Battery Materials Applies to Canadian Federal Grant for EV Battery Technology & Discusses Canada Expansion Strategy
July 24 2023 - 8:30AM
(
TSXV:
NBM) (
OTCQB: NBMFF)
- Applied to
Federal-Level Grant Focused on EV Battery Technology for Funding of
CAD$ 1.5 Million
- To Subsequently
Apply to Provincial and Federal Programs to Increase the Magnitude
of Funding in Canada
- In Communication
with Provincial Government and Municipalities to Discuss Economic
Incentives, Non-Dilutive Project Financing Programs, and Other
Pertinent Considerations for Canadian R&D Centre
Establishment
- To Partner with
Multiple Canadian Academic Institutions for Long-Term Research
Partnerships and Employment Opportunities for Engineering
Personnel
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 the initial application to a federal-level grant funding
of CAD$ 1.5 million for the Canada Expansion Strategy. The Company
is actively communicating with provincial government officials,
municipalities, and academic institutions to establish a robust
Canadian network for the R&D Centre deployment.
Through the support of Dr. Luc Duchesne, VP of
Government Relations, NEO Battery Materials has initially applied
for a federal-level grant focused on electric vehicle battery
technologies and sustainability. With an expected project estimate
of CAD$ 2 million, NEO will be entitled to receive CAD$ 1.5 million
in project funding from the federal program. The program title will
not be disclosed due to reasons of confidentiality with the funding
entity.
Dr. Basudev Swain, Chief Science Officer of NEO,
stated, “As NEO targets establishing an R&D Centre in Canada
next month, the initial application has been made at an
advantageous time, representing the outset of our Canada Expansion
Strategy. Along with collaboration partners in Canada, we will
apply to several federal and provincial grants for a larger
magnitude of funding into our North American silicon anode
production.”
Along with non-dilutive funding efforts, NEO is
in active conversation with provincial officials and municipalities
to discuss the establishment of the R&D Centre. With the
government, various economic incentives, non-dilutive grant/project
financing, site selection, foreign trade programs and support, and
other business considerations are being examined to determine the
optimal location and environment for North American operations.
To deploy NEO’s Battery Task Force Initiative,
the Company is securing multiple industry-academic collaborations
with institutions and professors across Ontario and Quebec.
Research partnerships, intellectual property creation, and
engineering employment opportunities will synergistically benefit
both parties through technological innovations and the economic
expansion of Canada’s EV battery supply chain.
Canada’s Investment in the EV Battery
Supply ChainWith abundant natural resources, governmental
subsidies and incentives, and a favourable investment climate,
Canada’s EV industry can potentially add up to CAD$ 59 billion
annually to its GDP, supporting more than 300,000 jobs by 2030.
Moreover, to target the 100% zero-emission vehicle sales mandate by
2035, the federal government is committed to spending approximately
CAD$ 5.3 billion on Canada’s EV mineral production and
infrastructure development. Most recently, in the Budget 2023
report, Canada is proposing investment tax credits for clean
technology manufacturing, at least CAD$ 20 billion in funding
electricity and clean growth infrastructure projects, CAD$ 3
billion in investments into Natural Resources Canada, and numerous
tax incentives and grant funding for EV-related technologies. NEO
Battery Materials plans to construct an additional silicon anode
commercial plant in Canada to benefit from the clean energy
investments and incentives mandated by the federal government.
About NEO Battery Materials
Ltd.NEO
Battery Materials is a Canadian battery
materials technology company focused on developing silicon anode
materials for lithium-ion batteries in electric vehicles,
electronics, and energy storage systems. With a patent-protected,
low-cost manufacturing process, NEO Battery enables longer-running
and ultra-fasting charging batteries compared to existing
state-of-the-art technologies. Building the first commercial plant
in South Korea, the Company aims to be a globally-leading producer
of silicon anode materials for the electric vehicle and energy
storage industries. 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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