Business
NEO Battery Materials Signs MOU with the Province of Gyeonggi for Advancement of Silicon Anode Commercial Plant
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2022) - NEO Battery Materials Ltd. ( TS...
About this update from Neo Battery Materials Ltd
[{"type":"text","content":"NEO Battery Materials Signs MOU with the Province of Gyeonggi for Advancement of Silicon Anode Commercial PlantVancouver, British Columbia--(Newsfile Corp. - May 30, 2022) - NEO Battery Materials Ltd. (TSXV: NBM) (OTCQB: NBMFF) (\"NEO\" or the \"Company\") is pleased to announce that the Company has signed a Memorandum of Understanding (\"MOU\") with the Province of Gyeonggi (\"Gyeonggi-do\" or the \"Province\") on May 30th. The MOU establishes grounds for investments and cooperation between NEO and Gyeonggi-do to advance the mass production of silicon anode materials for electric vehicle (EV) batteries.Pictured from Left to Right: Mr. Han Kyu Lee, 2nd Vice-Governor of Administration of Gyeonggi-do, and Mr. Spencer Huh, President and CEO of NEO Battery MaterialsTo view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/4661/125773_08a977774453687f_001full.jpgThrough the MOU, NBM Korea Co., Ltd., a wholly owned subsidiary of NEO Battery Materials, will initially invest, over the next 5 years, 24 billion KRW or approximately 25 million CAD to support the construction and expansion of the silicon anode commercial plant located on a 107,000 sq. ft. site in Oseong Foreign Investment Complex, Pyeongtaek City, Gyeonggi-do. With the discussed upfront capital investments, NEO emphasizes a priority for mass-production optimization and validation as minimizing the timeline to enter the market and establishing the Company's presence within the EV supply chain is vital to technology adoption in the industry. Along with the Province's officials and entities, the Company aims to transform Gyeonggi-do into an essential manufacturing and R&D hub of silicon anode materials.As Gyeonggi Province has also agreed and recognized the importance of commercializing silicon anode materials, which have emerged as an essential next-step in the development of rechargeable battery materials, the Province has decided to provide active and continuous administrative and business support to enable the early mass-production of NBMSiDE™. In addition, both NEO and the Province can establish and operate a Working-Level Committee for standards of comprehensive cooperation, and separate mutual consultations will be held successively.Mr. Han Kyu Lee, 2nd Vice-Governor of Administration of Gyeonggi-do, commented, \"Lithium-...