Vancouver, British Columbia, March 8, 2022 (GLOBE NEWSWIRE) — NEO Battery Materials Ltd. (TSXV: NBM) (OTCQB: NBMFF) (“NEO” or “Co omBready y”) Notices that we have completed the construction, design and license agreements for commercial plants with the construction company and have also entered into engineering design agreements for each plant.
- NBMSiDE Commercial Plant Construction, Design, and Permit Contract Completed
NEO Battery Materials has signed a contract with a South Korean-based construction company responsible for plant construction, building design, and construction licensing for the company’s 2.5-acre commercial plant in Goyang International Investment Zone, Gyeonggi Province. Has completed. The location of the Oseong zone is a great advantage in terms of logistics and battery supply chain, as NEO’s commercial plants are close to major battery manufacturers such as LG Energy Solution and Samsung SDI.
As announced, in the first phase of the commercial plant, the NBM SiDE will have an initial capacity of 240 tons and the facility will be built as a four-story office building with additional space to accommodate an expansion of 1,800 tons. Company anode material for the next stage. The required construction-related permitting and approval processes are simultaneous and are expected to take approximately two months to complete.
- Secure engineering design contracts for commercial plants
NEO Battery Materials has further secured an engineering design contract for the NBM SiDE commercial plant. Eight engineers from contract engineering companies with high knowledge and experience in the design and construction of pilot plants and commercial plants are working full-time to build our mass production lines.
Over the past year, NEO has worked closely with the chief engineer of an engineering company to optimize the process design for manufacturing NBMSiDE. In the future, we will proceed to detailed process design of the production line and proceed with early orders for parts with long lead times in commercial plants. NEO expects to achieve initial outsourcing of commercial plants by the first half of next year through a structured execution plan that runs the procurement and construction processes one after another.
Spencer Fu, President and Chief Executive Officer of NEO, commented: By teaming up with experienced architects and engineers, we enhance greater confidence and visibility and accelerate the commercialization process. “
“For the time being, along with our strategic advisor to South Korea, we are currently pursuing strategic investments, contacting their respective companies and investors, and funding the construction of commercial plants primarily through our wholly owned subsidiary NBM Korea Ltd. This route will protect and add to the value of NEO’s shareholders, both short-term and long-term, “Huh added.
About NBM SiDE
NBMSiDE is NEO Battery Materials Ltd. It is the main silicon anode material for lithium-ion batteries for electric vehicles. NBMSiDE comes in three variations, P100, P200 and C100, manufactured using our unique nanocoating technology. All product lines are based on metallurgical grade silicon particles and have a high specific volume of over 2,500 mAh / g. Through our Korean Intellectual Property (IP) Law Firm, NBM SiDE is awaiting trademark approval.
About NEO Battery Materials Co., Ltd.
NEO Battery Materials Ltd. is a Vancouver-based company focused on lithium-ion battery materials for electric vehicles. NEO focuses on manufacturing silicon anode materials using a unique single-step nanocoating process. This provides higher capacity and efficiency than lithium-ion batteries that use graphite as the anode material. We aim to be a supplier of silicone anode active materials to the electric vehicle industry. For more information, please visit our website https://www.neobatterymaterials.com/.
On behalf of the board of directors
President and Chief Executive Officer
This news release contains specific forward-looking statements and management objectives, strategies, beliefs and intents. Descriptions of future prospects include words such as “may”, “do”, “plan”, “expect”, “expect”, “estimate”, “intention”, and future events. Often identified by similar terms that refer to results. Forward-looking statements are based on management’s current opinions and expectations. Information on all future prospects is inherently uncertain, ranging from the speculative nature of mineral exploration and development, fluctuating commodity prices, and the effectiveness and feasibility of technologies that have not yet been tested or proven. Affected by assumptions, risks, and uncertainties. Commercial scale, competitive risk, and availability of financing.www.sedar.com.. Actual events and outcomes may differ materially from those predicted in the forward-looking statements, and care should be taken to place undue trust. We undertake no obligation to revise or update these forward-looking statements, except as required by applicable law.
Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e9db0efd-4cd6-42b7-a3c9-190eff95b906.
CBJ News Maker
NEO Battery Materials has announced that it will allow the construction, design and contract completion of commercial plants for silicon anodes and secure engineering design contracts. CanadianBusinessJournal
Source link NEO Battery Materials has announced that it will allow the construction, design and contract completion of commercial plants for silicon anodes and secure engineering design contracts. CanadianBusinessJournal