Business
NEO Battery Materials to Establish NBM America for U.S. Business Expansion of Silicon Anodes and Battery Materials
VANCOUVER, British Columbia, Jan. 25, 2023 (GLOBE NEWSWIRE) -- (TSXV: NBM) (OTCQB: NBMFF) Under Process to Establish NBM America Ltd. in Ohio for U.S. Business
About this update from Neo Battery Materials Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 25, 2023 (GLOBE NEWSWIRE) -- (TSXV: NBM) (OTCQB: NBMFF) Under Process to Establish NBM America Ltd. in Ohio for U.S. Business Expansion To Initiate Active Business Development for Core Silicon Anode Business and Add Value-Enhancing Projects in Battery Materials Industry To Support Closer Interaction with U.S.-Based NDA Parties for Business Activities and Collaboration To Secure State and Federal-Level Funding Opportunities from IRA/DOE and Access Large Pool of Venture Capital Funding through NBM America 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 is under the process to establish NBM America Ltd., a U.S. subsidiary, in February. NBM America will be fully owned by NEO Battery Materials and will actively seek U.S. expansion opportunities that include the Company’s core silicon anode business and new value-added projects in the battery materials industry. Ohio: The New Strategic U.S. Battery Hub The Ohio R&D Centre and office will be added for the first phase of the U.S. business expansion plan. NBM America will begin active business development to enter the U.S. market for the core silicon anode business and will concurrently evaluate new battery materials projects to add further value for NEO Battery Materials. The Subsidiary will allow closer interaction with U.S.-based NDA parties to expedite business and collaborative activities, and additional manpower will be supplemented to support this expansion. As a private company, NBM America will focus on securing funding opportunities from state-level programs to federal-level initiatives that include the Inflation Reduction Act and Department of Energy funding. The Subsidiary will also target accessing the large pool of U.S. venture capital funding that focuses on cleantech thematic investing and strengthening EV infrastructure. Numerous opportunities will create a stable financial runway for NBM America to construct additional commercial plants and value-add projects like silicon waste recycling in the U.S. Ohio has been recognized as a strategic hub for the growing U.S. battery supply chain. The State currently provides a favorable business environment for foreign companies, especiall...