NEO Battery Materials Ltd. (TSX-V:NBM) announced that it has designated the preferred contractor for construction on its South Korean Commercial Plant, following the bids received from the request for quotation (RFQ) process.
The company, which is focused on electric vehicle (EV) lithium-ion battery materials, said it will now begin final negotiations regarding estimate details, construction timeline, material procurement, and other relevant considerations.
NEO Battery noted that once the contract is finalized, the contractor will initiate site clearance, earth-bracing work, sleeve work, conduit, joint wall, framework, and foundation construction in the first three months.
The company added that it expect the South Korean Commercial Plant to be completed by the first half of 2024, with the commissioning and mass production validation occurring within that year.
The contractor has established a comprehensive engineering system to deliver to the company a turn-key-based solution for its commercial plant construction, NEO said.
NEO Battery Materials focuses 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 EV industry.
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