NEO Battery Materials Ltd. (TSX-V:NBM) has provided an update on the construction permit for its Silicon Anode Commercial Plant in the Oseong Foreign Investment Zone in South Korea, saying it expects the permit to be approved by the middle to end of January 2023.
The electric vehicle (EV) lithium-ion battery materials developer also said significant progress is being made in both construction and technology optimization for EV silicon anode commercialization.
“As NEO inches towards the construction of our 240 tonnes per annum silicon anode commercial facility, we have started discussing with South Korean financial institutions and banks to secure strategic debt financing at low-interest rates for construction and equipment,” NEO Battery Materials CEO Spencer Huh said in a statement.
READ: NEO Battery Materials submits a construction permit for a silicon anode plant in South Korea
“Additionally, like the Inflation Reduction Act in the US, the company is actively searching for South Korean government subsidies, grants, and policies that emphasize clean technology and automobile electrification initiatives,” Huh added.
NEO said the construction permit is first submitted as an application for urban planning review and discussed with Pyeongtaek City’s construction department to arrange consultations with the relevant internal and external departments for licensing such as Urban Planning, Construction Permit, and Environmental.
The company added that the related documents for the architectural, layout, floor, elevation, structure, and firefighting plans are being concurrently submitted.
NEO Battery Materials is a Vancouver-based company focused on producing silicon anode materials through its proprietary single-step nanocoating process, which provides improvements in capacity and efficiency over lithium-ion batteries using graphite in their anode materials. The company intends to become a silicon anode active materials supplier to the electric vehicle industry.
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