NEO Battery Materials Ltd has signed a site due diligence contract with a third-party engineering consulting company for its South Korean semi-commercial facility.
In a statement, the company said it has selected a site for its semi-commercial plant to produce silicon anode active materials through its proprietary nanocoating process.
The Vancouver-based resource company focused on battery metals and materials is under the process of finalizing this site through a third-party engineering due diligence report.
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The engineering firm will perform the following detailed scope of works for the location decision:
- Holistic suitability review;
- Review of process safety management (PSM) and hazardous risk prevention protocols;
- Review of Authorization to Change Hazardous Material Manufacturing Facility;
- Review of Chemical Accident Prevention Management Plan;
- Review of Other Required Licenses, and
- Physical Site Visitation.
On top of timeline
After performing due diligence, the firm will provide a comprehensive report and list & schedule for required licenses to NEO for the selected site.
NEO Chief Operating Officer Sung Rock Hwang said: "At NEO Battery Materials, we are currently emphasizing on how to optimize and accelerate the route to commercialization. This due diligence period will be another milestone step to push NEO's silicon anode materials into electric vehicles batteries.
“We are on top of our timeline and will provide continual updates on the semi-commercial facility development."
NDA update
NEO has also fully executed the non-disclosure agreement (NDA) with a global battery material producer in China.
The NDA company is currently supplying to established electric vehicle makers and battery cell manufacturers, worth around C$10 billion.
NEO will explore opportunities related to its silicon materials and potential synergies between the two companies.