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NEO Battery Materials Designates Preferred Contractor for South Korean Commercial Plant Construction
VANCOUVER, British Columbia, May 19, 2023 (GLOBE NEWSWIRE) -- (TSXV: NBM) (OTCQB: NBMFF) Designated Preferred Contractor for South Korean Commercial Plant To Co
About this update from Neo Battery Materials Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, May 19, 2023 (GLOBE NEWSWIRE) -- (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...