Technology
NEO Battery and University of Toronto Awarded Mitacs Funding to Accelerate High-Power & Non-Flammable Battery Technology
NEO Battery Materials Ltd. ("NEO" or the "Company") (TSXV: NBM) (OTC: NBMFF), a low-cost, silicon-enhanced battery manufacturer enabling high-performance capabilities for drones, robotics, and physical AI, is pleased to announce that, in collaboration with the University of Toronto, it has been granted a multi-year, non-dilutive CAD 180,000 research investment through the Mitacs Accelerate program to advance high-power, niobium-based lithium batteries for defense and industrial systems.
About this update from Neo Battery Materials Ltd
TORONTO, July 9, 2026 /CNW/ - NEO Battery Materials Ltd. ("NEO" or the "Company") (TSXV: NBM) (OTC: NBMFF), a low-cost, silicon-enhanced battery manufacturer enabling high-performance capabilities for drones, robotics, and physical AI, is pleased to announce that, in collaboration with the University of Toronto, it has been granted a multi-year, non-dilutive CAD 180,000 research investment through the Mitacs Accelerate program to advance high-power, niobium-based lithium batteries for defense and industrial systems. The strategic project, titled "Rational Design of Nb-Based Multi-Transition-Metal Oxide Anodes for Fast-Charging, High-Safety Lithium-Ion Batteries," will be conducted in cooperation with the University of Toronto's Department of Mechanical and Industrial Engineering. Directed by Dr. Patrick Lee, Professor of Mechanical Engineering and Senior Scientific Advisor of NEO, and the Multifunction Composite Manufacturing Laboratory (MCML), this initiative focuses on developing niobium-based lithium batteries engineered for ultra-fast power delivery and non-flammability to serve both defense and industrial applications. NEO's targeted end-use applications for the technology include defense submarines/unmanned underwater vehicles (UUVs), short-range ballistic missiles (SRBMs), and battery backup units (BBUs) for AI data centres. To help accelerate the path toward commercialization, NEO intends to validate all materials developed under the project by manufacturing large-format battery cells and, in conjunction with end-use system partners, conducting continued product testing under field-use conditions. The project, which leverages the expertise of the University of Toronto's Department of Mechanical and Industrial Engineering, supports NEO's expansion strategy to diversify its high-performance battery technology portfolio into key growth markets and to advance the Company's goal of building a sovereign defense and energy supply chain in North America.
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