- NEO Battery Materials (TSXV:NBM), a lithium battery technology stock, signed a definitive lease agreement with the City of Windsor for its upcoming silicon anode manufacturing facility
- The facility will be the first of its kind in Canada, capable of producing 5,000 tons of silicon anodes annually
- NEO is a Canadian battery technology company developing silicon anode materials for lithium-ion batteries in electric vehicles, electronics and energy storage systems
- NEO Battery Materials stock has added 316 per cent year-over-year and 477.78 per cent since 2021
NEO Battery Materials (TSXV:NBM), a lithium battery technology stock, signed a definitive lease agreement with the City of Windsor for its upcoming silicon anode manufacturing facility.
The facility, located on eight acres of surplus land at Windsor Airport, will be the first of its kind in Canada, capable of producing 5,000 tons of silicon anodes annually.
The company plans to invest approximately C$120 million over the next eight years to optimize production and value-add, creating over 100 skilled jobs once fully operational.
With eyes on supporting North America’s growing battery supply chain, the agreement holds an initial term of 49 years and includes tax incentives and a discounted leasing rate, with the Windsor City Council having approved, in principle, a grant for NEO Battery Materials to support the factory’s establishment and operations.
“Today’s announcement is a testament to Windsor’s strategic location, skilled workforce and leadership in the automotive and EV industries,” Drew Dilkens, mayor of the City of Windsor and board chair of Invest WindsorEssex, said in a statement. “NEO Battery Materials’ decision to invest in our city highlights our ability to attract forward-thinking companies that drive innovation and create opportunities for our community. As the automotive and automobility xapital of Canada, and one of the most important communities to watch in the province and country, we are excited to welcome NEO to Windsor and look forward to the positive impacts, including job creation, this investment will bring to our region.”
“The execution of the agreement represents a transformative milestone for NEO Battery Materials and the Canadian and Ontario battery ecosystem,” added Spencer Huh, director, president and chief executive officer of NEO Battery Materials. “We are proud to be establishing Canada’s first advanced silicon anode manufacturing facility, enabling us to address the increasing demand for high-performance and cost-effective battery technologies. With a significant investment in the Windsor community, NEO will further bolster Ontario’s clean tech sector and strengthen Canada’s growing leadership in the battery supply chain.”
About NEO Battery Materials
NEO is a Canadian battery technology company developing silicon anode materials for lithium-ion batteries in electric vehicles, electronics and energy storage systems.
NEO Battery Materials stock (TSXV:NBM) is up by 4 per cent trading at C$1.04 per share as of 11:22 am ET. The stock has added 316 per cent year-over-year and 477.78 per cent since 2021.
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(Top photo, from left to right: Irek Kusmierczyk, MP for Windsor-Tecumseh; Joe Goncalves, VP, Investment Attraction & Strategic Initiatives, Invest Windsor-Essex; Spencer Huh, President & CEO, NEO Battery Materials; Danny Huh, SVP, Strategy & Operations, NEO Battery Materials; Na Qu, Senior Investment Attraction Officer, Invest Windsor-Essex; Tom Schnekenburger, Director, Research Partnerships, University of Windsor; Drew Dilkens, Mayor of City of Windsor. Source: NEO Battery Materials)
