NEO Battery Materials Ltd announced that it has doubled the initial target annual silicon anode production capacity to 240 tonnes after receiving final approval by Gyeonggi-do’s provincial government and the Foreign Investment Review Board for the usage of 106,700 square feet of land to construct NEO’s silicon anode commercial plant.
The company said the full-fledged facility will have the capacity to manufacture 2,000 tonnes of proprietary silicon anode materials per year for electric vehicle lithium-ion battery applications.
“At NEO, we retain the obligation to remain transparent through our commercialization developments and to provide necessary updates that we deem as significant to the progress of the company,” NEO Battery Materials CEO Spencer Huh said in a statement.
READ: NEO Battery wins final site approval for land use of 2.5 acres for NBMSiDE commercial plant facility in South Korea
“We are now planning to schedule webinars regularly to enhance our communication with shareholders and the global investment community,” Huh added.
NEO noted its wholly-owned Korean subsidiary has received a long-term agreement for the site usage from the province for the first 10 years with an option to extend up to 50 years.
It added that it has also been negotiating with a third-party for the Engineering, Procurement, and Construction (EPC) contract to both facilitate and accelerate the commercialization process as a turn-key basis.
As well, the company reported that it has shipped silicon anode materials samples to three parties in January and is preparing to supply additional silicon anode materials products with the same parties in February as mutually agreed.
And, it said work is underway to target the initial operation of its Korean subsidiary’s R&D Scale-Up Centre at Yonsei University by the second week of March, which will possess an increased output capability and provide continuous samples to any demands from non-disclosure agreement (NDA) counterparties and incoming new parties.
The company added that it has also shipped silicon anode materials samples to a third-party institution in South Korea for evaluation testing and performance validation.
NEO Battery has a focus on producing silicon anodes 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 Sean at sean@proactiveinvestors.com