- NEO Battery Materials (NBM) seeks to establish NBM America, its first U.S. subsidiary
- The fully-owned subsidiary will be incorporated next month and work to expand the company’s silicone anode business
- NBM America’s first R&D facility will be based in Ohio, a strategic hub for the U.S. battery supply chain
- NEO Battery Materials is a Vancouver-based company focused on lithium-ion battery materials for electric vehicles
- NEO Battery Materials (NBM) is up by 4.55 per cent, trading at $0.345 per share
NEO Battery Materials (NBM) seeks to establish NBM America, its first U.S. subsidiary.
The subsidiary, to be incorporated next month, will be fully owned by NEO Battery and actively seek U.S. expansion opportunities centred on silicon anodes and value-added projects in battery materials.
The subsidiary will also allow for closer interaction with U.S.-based NDA parties to expedite business and collaborative activities.
NBM America’s first R&D facility will be based in Ohio, a strategic hub for the U.S. battery supply chain given its favorable business environment for foreign companies.
Ultium Cells, a joint venture between LG Energy Solution and General Motors, has begun production in its Ohio gigafactory battery plant (US$2.3 billion investment), while LG Energy Solution and Honda have announced a joint venture for a gigafactory battery plant in the state (US$4.4 billion investment).
Next steps for NBM America include securing funding from state-level programs to federal-level initiatives, including the Inflation Reduction Act and Department of Energy, as well as U.S. venture capital focused on cleantech and EV infrastructure.
The news follows approval for the construction of a silicon anode commercial plant in South Korea.
“We are now actively pursuing the U.S. expansion strategy following highly positive results from optimization and commercialization progress of our silicon anode materials, NBMSiDE,” stated Spencer Huh, NEO Battery’s President and CEO.
“We also recognize the substantial potential for silicon waste recycling in the U.S. as we have secured core engineers and researchers. Through NBM America, we strongly believe NEO can increase its exposure to the larger business and investment community in the U.S.”
NEO Battery Materials is a Vancouver-based company focused on lithium-ion battery materials for electric vehicles. It is ramping up to produce silicon anode materials through its proprietary single-step nanocoating process, which provides improvements in capacity and efficiency over graphite-based batteries.
NEO Battery Materials (NBM) is up by 4.55 per cent, trading at $0.345 per share as of 1:18 pm EST.
