NEO Battery Materials Ltd, a low-cost silicon anode materials developer that enables rapid-charging lithium-ion batteries, said that it is advancing the construction process for its South Korean commercial plant.
The Vancouver-based company focused on electric vehicle (EV) lithium-ion battery materials also talked about material evaluation of further-enhanced silicon anodes, and strategic investments with US venture capital funds.
After the construction permit approval of the South Korean commercial plant, NEO Battery asked three contractors for a request for quotation (RFQ). In the next two weeks, the company said it will receive construction quotes. Based on essential procurement factors, such as technical expertise, project execution, and cost-effectiveness, NEO said it will select the most qualified contractor to advance commercialization “to the next step.”
Meanwhile, NEO said it is scheduled to send further-optimized NBMSiDE, the company’s proprietary silicon anode material samples for material evaluation and validation in lithium-ion battery cells, to three US-based battery cell makers, including a solid-state battery developer.
In addition, NEO said “optimistic developments” had allowed the company to discuss domestic and international expansion plans with “working partners.” “Both parties aim to carry forward collaborative ventures and projects for active NBMSiDE integration in EV batteries,” said NEO, without disclosing the name of the partner.
The company revealed that it is also in the “final stages” of securing US venture capital funds with a primary focus on the cleantech and battery sector. “These long-term, reliable strategic investments will provide NEO with the resources needed to continue material optimization, commercialization efforts, and US expansion,” NEO said in its update.
NEO said it is targeting partners that will provide value-enhancing solutions that can strengthen working relationships and introduce new collaborative business opportunities with global battery industry players.
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.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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