NEO Battery Materials Limited has announced the launch of its wholly-owned subsidiary NEO Battery Materials America LLC (NBM America), as it eyes rapid US business expansion.
The Vancouver-based company focused on electric vehicle (EV) lithium-ion battery materials, said that in order to target the large pool of venture capital funding, the firm’s management team and key advisors will visit New York City and hold meetings with prominent clean-tech venture capital and investment banking firms.
NBM America plans to secure private capital and funding to enable US commercial plant construction and create financial capacity for silicon waste recycling and other battery-related value-added projects, noted the company.
In the past week, NEO said it has successfully incorporated NEO Battery Materials America LLC under the provisions of the US state of Delaware. As a wholly-owned subsidiary, NBM America will now allow active and aggressive business development and relationship-building initiatives to market NEO’s core silicon anode materials in the US, added the firm.
With Ohio in the running as a headquarter location, NEO’s management team is likely to visit Ohio and Kentucky in late March and early April to select the site. The company’s agenda is to strengthen business relationships with EV battery industry players and government organizations that include the Ohio Economic Development Association, JobsOhio, and REDI Cincinnati.
InterBattery 2023 in South Korea
Meanwhile, NEO is participating in South Korea’s three-day annual battery exhibition — InterBattery 2023 — starting on March 15, 2023.
Started in 2013, InterBattery is now South Korea’s top annual battery trade show and attracts over 900 domestic and international exhibitors, filling some 1,500 booths. Heavyweights such as Samsung SDI, LG Energy Solution, SK On, Dow Chemical Company, and Korea Zinc will be at the trade show this year.
NEO said it intends to talk to the global battery manufacturers and EV car makers at the event to establish new business relationships for strategic initiatives and expansion.
NEO has a focus 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.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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