- NEO Battery Materials (NBM) signs semi-commercial site due diligence contract
- NEO has selected a site for its semi-commercial plant to produce silicon anode active materials
- As per the news release dated, August 20, 2021, NEO has fully executed the NDA with the global battery material producer in China
- Sung Rock Hwang has over 30 years of experience working for Samsung SDI, serving as the executive director and chief of purchasing
- His responsibilities included managing the supply chain, procurement planning, and advanced business development
- NEO Battery Materials Ltd. (NBM) is down 2.33 per cent and is trading at C$0.84 at 11:33 am ET
NEO (NBM) has signed a site due diligence contract with a third-party engineering consulting firm for the South Korean semi-commercial facility.
NEO has selected a site for its semi-commercial plant to produce silicon anode active materials through its proprietary nanocoating process and is in the process of finalizing this site through a third-party engineering due diligence report.
The engineering firm will perform the following detailed scope of works for the location decision: 1) Holistic Suitability Review, 2) Review of Process Safety Management (PSM) and Hazardous Risk Prevention Protocols, 3) Review of Authorization to Change Hazardous Material Manufacturing Facility, 4) Review of Chemical Accident Prevention Management Plan, 5) Review of Other Required Licenses, and 6) Physical Site Visitation.
After performing due diligence, the firm will provide 1) a comprehensive report and 2) list & schedule for required licenses to NEO for the selected site.
Sung Rock Hwang, Chief Operating Officer of NEO and former Samsung SDI executive director commented,
“At NEO Battery Materials, we are currently emphasizing on how to optimize and accelerate the route to commercialization.”
“This due diligence period will be another milestone step to push NEO’s silicon anode materials into electric vehicles batteries. We are on top of our timeline and will provide continual updates on the semi-commercial facility development,” added Hwang.
As per the news release dated, August 20, 2021, NEO has fully executed the NDA with the global battery material producer in China.
The NDA company is currently supplying to established electric vehicle makers and battery cell manufacturers, being valued at approximately $10 billion in Canadian dollars. NEO will explore opportunities related to its silicon materials and potential synergies between the two companies.
Sung Rock Hwang has over 30 years of experience working for Samsung SDI, serving as the executive director and chief of purchasing, and advisor until 2018.
His responsibilities included managing the supply chain, procurement planning, and advanced business development.
NEO Battery Materials Ltd. is a Vancouver-based resource company focused on battery metals and materials.
NEO Battery Materials Ltd. (NBM) is down 2.33 per cent and is trading at C$0.84 at 11:33 am ET.