- NEO (NBM) has received final site approval for its South Korean commercial plant
- The approval allows for construction of the Gyeonggi-based facility, where the company will produce its silicon anode materials
- Economic incentives include tax exemptions and government promotion of the business
- NEO is a Vancouver-based company focused on battery metals and materials
- NEO Battery Materials (NBM) is up by 1.4 per cent trading at $0.36 per share
NEO (NBM) has received final site approval for its South Korean commercial plant.
The approval allows for the construction of the Gyeonggi-based facility, where the company will produce its silicon anode materials.
The company secured 2.5 acres near large battery cell and automotive manufacturers for the initial phase of construction. The land can accommodate production capacity of 1,000 metric tonnes per year.
It is entitled to several benefits due to its long-term lease and the government’s assessment of the economic impact of its business, including:
- A 99-per-cent reduction of annual lease payments
- Government-backed promotion of its business nationally and overseas
- Corporation tax, income tax, land transfer tax and customs taxes fully exempted for 5 years and reduced by 50 per cent for an additional two years
Construction development updates are forthcoming.
“We greatly thank Gyeonggi-do for returning a decision for approval much faster than our expectation, and we also thank our NEO team and our valued shareholders for the committed trust and patience,” stated Spencer Huh, NEO’s President and CEO.
NEO is a Vancouver-based company focused on battery metals and materials.
NEO Battery Materials (NBM) is up by 1.4 per cent trading at $0.36 per share as of 9:45 am EST.