25 January 2023 (Source) – (TSXV: NBM) (OTCQB: NBMFF)
- Under process to NBM America Ltd. to establish in Ohio for US business expansion
- To initiate active business development for core silicon anode business and value enhancing projects in the battery materials industry
- To support closer interaction with US-based NDA parties for business activities and cooperation
- To secure state and federal IRA/DOE funding opportunities and access large pool of venture capital funding through NBM America
NEO Battery Materials Ltd. (“NEO” or the “Cohmpany”), a low-cost developer of silicon anode materials that enable longer-running, fast-charging lithium-ion batteries, is pleased to announce that the Company is establishing NBM America Ltd., a US subsidiary, in February. NBM America will be wholly owned by NEO Battery Materials and will actively seek US expansion opportunities that include the company’s core silicon anode business and new value-added projects in the battery materials industry.
Ohio: The New Strategic US Battery Hub
The Ohio R&D center and office will be added for the first phase of the US business expansion plan. NBM America will begin active business development to enter the US market for the core silicon anode business and will simultaneously evaluate new battery material projects to add further value for NEO Battery Materials. The subsidiary will enable closer interaction with US-based NDA parties to expedite business and collaborative activities, and additional manpower will be added to support this expansion.
As a private company, NBM America will focus on securing funding opportunities from state-level programs to federal-level initiatives that include the Department of Energy’s Inflation Reduction and Funding Act. The subsidiary will also aim to access the large pool of US venture capital funding that focuses on cleantech themed investment and strengthening EV infrastructure. Numerous opportunities will create a stable financial runway for NBM America to build additional commercial plants and value-add projects such as silicon waste recycling in the US
Ohio has been recognized as a strategic hub for the growing US battery supply chain. The state currently offers a favorable business environment for foreign companies, especially for those in the battery supply chain such as NEO Battery Materials. Ultium Cells, a joint venture between LG Energy Solution and General Motors, has started production in its Ohio gigafactory battery plant (USD 2.3B investment), and recently LG Energy Solution and Honda announced a joint venture for a gigafactory battery plant in Ohio (USD 4.4B investment). The Company has begun communications with the State of Ohio, and the Company will continue the necessary proceedings with NEO’s counsel in Ohio.
Mr. Spencer Huh, President and CEO of NEO, said: “We are now actively pursuing the US expansion strategy following highly positive results from optimization and commercialization progress of our silicon anode material, NBMSiDE™. We also recognize the significant potential for silicon waste recycling in the US as our core engineers and researchers have assured. Through NBM America, we strongly believe that NEO can increase its exposure to the larger business and investment community in the US.”
About NEO Battery Materials Ltd.
NEO Battery Materials Ltd. is a Vancouver-based company that focuses on electric vehicle lithium-ion battery materials. NEO focuses on manufacturing silicon anode material through its proprietary single-step nanocoating process, which offers improvements in capacity and efficiency over lithium-ion batteries that use graphite in their anode material. The Company aims to become a supplier of silicon anode active material to the electric vehicle industry. For more information, please visit the company’s website at: https://www.neobatterymaterials.com/.
On behalf of the Board of Directors
President and CEO
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