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NEO Battery Materials Applies to Canadian Federal Grant for EV Battery Technology & Discusses Canada Expansion Strategy
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 Incr
About this update from Neo Battery Materials Ltd
[{"type":"text","content":" 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 TORONTO, July 24, 2023 (GLOBE NEWSWIRE) -- NEO Battery Materials Ltd. (TSXV: NBM) (OTCQB: NBMFF) (“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 ...