NEO BATTERY MATLS LTD - NBMFF STOCK NEWS

NEO Battery Materials announces a financing to raise a minimum of $3.9 million CAD in connection with the Change of Business into an Industrial, Technology, or Life Sciences Tier 2 Issuer. The funds will be used for groundwork for the South Korean silicon anode commercial plant, material & equipment procurement, North American R&D expansion, and general working capital.

NEO Battery Materials has designated a preferred contractor for the South Korean Commercial Plant. The company received three tentative quotes from local South Korean contractors and has now commenced final negotiations. The Contractor will begin construction in the first three months, with completion expected by the first half of 2024. The Contractor specializes in GMP cleanrooms, advanced engineering plants, and logistics systems.

NEO Battery Materials Ltd. has announced a significant technological breakthrough with the achievement of uniform nanocoating capability on silicon anodes, aimed at enhancing lithium-ion batteries for electric vehicles (EVs). This new capability improves battery run-time and reduces charging time, providing a competitive edge in the market. NEO's optimized one-step manufacturing process will enable the supply of silicon anodes that are 70% cheaper than current alternatives, thereby potentially increasing market share. The company plans to file additional patents related to this technology, which may have applications beyond batteries, including other chemical materials. The commercialization of this technology is projected for 2024, positioning NEO as a key player in the EV battery sector.

NEO Battery Materials Ltd. has filed its 6th patent for one-step nanocoating technology for silicon anodes with the Korean Intellectual Property Office. This patent, titled Silicon composite manufacturing method, reinforces the company's commitment to its innovative technology aimed at reducing costs and enhancing performance. NEO plans to file additional patents in the first half of 2023 to strengthen its IP portfolio. Additionally, the company has completed the request for quotation process, receiving bids from three contractors for the construction of its South Korean commercial plant, signifying progress towards operational expansion.

NEO Battery Materials Ltd. (TSXV: NBM; OTCQB: NBMFF) has provided updates regarding its South Korean Commercial Plant and ongoing partnerships. The company is in discussions with three contractors to select one for construction based on key procurement factors. Additionally, NEO is engaged in material evaluation of its silicon anode materials with three US-based battery manufacturers, including a solid-state battery developer. The firm is also finalizing agreements with prominent US venture capital funds to secure long-term investments aimed at enhancing its commercialization efforts and furthering its U.S. operations.

NEO Battery Materials Ltd. (TSXV: NBM, OTCQB: NBMFF) announced that CEO Spencer Huh and Corporate Development Manager Danny Huh will participate in the Electric Vehicle & Auto Tech Virtual Conference on March 30, 2023, at 10:00 AM ET. The conference, hosted by Maxim Group and M-Vest, will focus on the growing opportunities in electric vehicle technology and battery efficiency. NEO Battery Materials is dedicated to developing low-cost silicon anode materials that improve the performance of lithium-ion batteries, which are crucial for electric vehicles. Interested participants can register for the event via M-Vest.

NEO Battery Materials Ltd. (TSXV: NBM, OTCQB: NBMFF) has announced the incorporation of NEO Battery Materials America LLC in Delaware to enhance its business development in the U.S. The management team plans visits to Ohio, Kentucky, and New York City to foster relationships with battery industry players and secure venture capital funding. NBM America aims to establish a commercial facility focused on silicon anode materials, enhancing EV battery performance. Additionally, NEO will showcase its innovative anode materials at InterBattery 2023, a leading trade show in South Korea, from March 15 to 17, where major companies like Samsung SDI will participate.