- NEO Battery Materials (NBM) hired a third-party engineering consulting firm to complete due diligence on its facility in South Korea
- With the report in hand, the company will finalize its decision regarding the facility site
- The new facility will be capable of producing an initial capacity of 120 tonnes of silicon anode materials per year
- NEO Battery Materials is a Vancouver-based company focused on battery metals and materials
- NEO Battery Materials (NBM) is currently down 6.76 per cent, trading at $0.69 per share as
NEO Battery Materials (NBM) hired a third-party engineering consulting firm to complete due diligence on its facility in South Korea.
NEO expects to receive the comprehensive report within the next week. With the report in hand, the company will finalize its decision regarding the facility site.
Mr. Spencer Huh, president and CEO of NEO Battery Materials, commented on the news.
“As we have successfully completed the due diligence,” he said, “we are observing the selected South Korean semi-commercial facility with a positive light.”
“The objective of the plant,” added Mr. Huh, “is to validate the mass production ability of NEO’s silicon anode active materials and optimize the process customizability for each individual clients’ needs.”
The new facility will be capable of producing an initial capacity of 120 tonnes of silicon anode materials per year. The space will accommodate up to 5 mass production lines when the semi-commercial scale is converted into a commercial facility.
In the last week, NEO has received two more pieces of equipment to expand its bench-scale capacity. This equipment will allow the company to rapidly respond to increasing demand for its proprietary silicon anode prototype samples.
NEO Battery Materials is a Vancouver-based company focused on battery metals and materials.
The company is focused on producing silicon anodes materials through its proprietary single-step nanocoating process, which uses graphite to improve capacity and efficiency compared to lithium-ion batteries.
NEO Battery Materials (NBM) is currently down 6.76 per cent, trading at $0.69 per share as of 12:25 pm ET.