NEO Battery Materials Ltd CEO Spencer Huh has noted that after a “historical year,” the company expects to build on its successes in 2022 as it advances its patented silicon anode active materials for electric vehicle lithium-ion batteries.
Specifically, Huh said that in the New Year the company will move ahead with the commercialization and improvement of its Silicon Microparticle Anode Material Products (NBMSiDE), with that trademark pending approval through the Korean Intellectual Property Office.
He pointed out that each of the three NBMSiDE products retains unique nanocoating materials and characteristics that enable the silicon microparticles to perform as an anode material.
READ: NEO Battery launches three silicon anode material products for high-performance lithium-ion batteries
"2021 was a highly special and historical year to NEO. We hold great confidence and belief that we will be among the advanced and crucial components of the supply chain for the promising lithium-ion battery industry in the coming years,” Huh said in the year-end statement.
"We expect that 2022 will be another decisive year to achieve important and noticeable milestones related to the commercialization and performance improvement of NBMSiDE. On behalf of management and the board of directors, we would like to thank all our team and our valued shareholders for a great 2021. We will move forward at full capacity to maximize our shareholders' value in 2022, and we wish you the best happy new year," he added.
NEO said it focuses its material on the four core battery materials - anode, cathode, separator, and electrolyte. It is advancing a proprietary nanotechnology to produce Silicon Anode Materials through a low-cost, single-step manufacturing process.
As efforts accelerate to replace parts of graphite with silicon in anode material, the silicon anode active materials market faces a significant growth potential of 70%-80% compound annual growth rate (CAGR) over the next five years, reaching a market size of approximately C$5 billion.
NEO said it offers a cost-competitive silicon anode material technology that increases the battery run-time through improving the energy density with silicon, ultra-flexibility characteristics that enable structural durability and robustness, and ultra-fast charging capability through enhancing the wettability of silicon particles with its nanocoating layers.
2021 operation highlights included:
- NEO secured a strong management team and lithium-ion battery experts from former LG Chemical, the second-largest battery manufacturer in the world through LG Energy Solutions, and Samsung SDI, the fifth-largest battery manufacturer in the world, enabling the fast-tracked advancement of NEO's silicon anode materials in South Korea
- Established a 2-Track Silicon (Si) Anode Material Development Process involving Silicon Microparticles and Silicon Nanoparticles
- Selected to innovate with silicon microparticles due to the significant cost savings for raw material input cost compared to silicon nanoparticles, which microparticles are on average 8 to 10 times cost-effective than nanoparticles
- Expanded its patent portfolio to five issued or pending patents at the end of December 2021
- Upscaled pilot plant facility design with a capacity to produce 10 tons per annum by a 12-fold to a semi-commercial plant facility capable of producing 120 tons of NBMSiDE per annum
- The capacity expansion was enabled through the optimization of NEO's low-cost, single-step manufacturing process that precludes the need for expensive engineering environments
- Located in South Korea, the 2nd largest battery manufacturing country in the world, the conceptual design of NEO's semi-commercial plant was completed, progressing to the review stage for the Engineering, Procurement, and Construction (EPC) Contract
- The site approval process is underway by the local provincial government
2021 business development highlights included:
- Increased its non-disclosure agreement (NDA) count from two in March 2021 to approximately 20 NDAs which include globally established industry players in the battery cell manufacturing, materials manufacturing, and automotive industries
- Completed the establishment of the wholly-owned South Korean subsidiary, NEO Battery Materials Korea Co., for flexibility of operations in South Korea and creating relationships with battery manufacturers and government entities
- Signed a Letter of Intent with the University of Toronto and an Undisclosed Global OEM for a research consortium on the R&D and scale-up of EV battery material technologies
- Formed a licensing agreement and collaborative development agreement with the Yonsei University of South Korea for the development and advancement of NBMSiDE manufacturing and nanocoating material technologies for high-performance EV lithium-ion batteries
- Secured seven scientific advisors and two in-house researchers excelling in the field of rechargeable lithium-ion batteries for application in EVs, as well as two semi-commercial plant project managers
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