- NEO Battery Materials Ltd. (NBM) provided an update on the construction permit for its silicon anode commercial plant in South Korea
- NEO’s team is discussing with the city’s construction and related departments while it is also completing the necessary work to gain permit approval
- It expects the construction permit to be approved before the end of January
- For its next steps, the company is exploring different avenues to help gain more funds to support the plant
- NEO Battery Materials Ltd. (NBM) is unchanged, trading at $0.24 per share as of 11:18 a.m. EST
NEO Battery Materials (NBM) provided an update on the construction permit for its silicon anode commercial plant in South Korea.
NEO’s team is now discussing with the city’s construction and related departments while it is also completing the necessary work to gain permit approval. It expects the construction permit to be approved before the end of January.
Last month the company submitted the plant’s construction permit application to the City of Pyeongtaek through its South Korean subsidiary, NBM Korea, which is intended to help support the electric vehicle industry.
For its next steps, the company is exploring different avenues to help gain more funds to support the plant.
Spencer Huh, President and CEO of NEO, commented,
“As NEO inches towards the construction of our 240 tonnes per annum silicon anode commercial facility, we have started discussing with South Korean financial institutions and banks to secure strategic debt financing at low-interest rates for construction and equipment.”
NEO is a Vancouver-based company focused on electric vehicle lithium-ion battery materials.
NEO Battery Materials Ltd. (NBM) is unchanged, trading at $0.24 per share as of 11:18 a.m. EST.