- NEO Battery Materials (NBM) has secured a C$3M investment from Automobile & PCB (A&P)
- South Korean subsidiary NBM Korea will use the proceeds to advance the first phase of its Korean silicon anode mass production facility
- A&P will retain a 40-per-cent stake in the subsidiary and work to bring NBMSiDE offerings into production
- NEO is a Vancouver-based company focused on producing lithium-ion battery materials for electric vehicles
- NEO (NBM) is up by 2.22 per cent trading at $0.23 per share
NEO Battery Materials (NBM) has secured a C$3M investment from Automobile & PCB (A&P).
A&P is a Korean public company that manufactures printed circuit boards for the auto and electronics industries.
South Korean subsidiary NBM Korea will use the proceeds to advance the first phase of its Korean silicon anode mass production facility for EV lithium-ion batteries.
A&P will retain a 40-per-cent stake in the subsidiary with the investment scheduled to close by July 1, 2022.
NEO and A&P, along with A&P affiliates Yongsan and YSP, will work to commercialize all NBMSiDE products and finalize the production facility.
NBM Korea is also in discussions for debt or equipment purchase financing for the next phases of the facility.
NEO will not issue any shares or warrants in connection with the funding.
The company believes A&P’s extensive business network will facilitate new ventures in the automotive and lithium-ion battery business.
“We strongly believe that NBM Korea will create additional synergies through strategic business relationships with A&P and its related parties, Yongsan and YSP, that hold a proven operating history of over 40 years in the automotive industry,” stated Spencer Huh, NEO’s President and CEO.
NEO is a Vancouver-based company focused on producing lithium-ion battery materials for electric vehicles.
NEO (NBM) is up by 2.22 per cent, trading at $0.23 per share as of 1:32 pm EST.
