NEO Battery Materials Ltd has announced that it has signed a memorandum of understanding (MoU) with established South Korean automotive business Automobile & PCB Inc.
The company said the MOU, signed on June 7, 2022, established strategic investment and cooperation between the parties to advance the Korean mass production facility of NEO’s silicon anode materials for electric vehicle lithium-ion batteries.
Through the partnership, NEO and A&P will pursue cooperation to construct NEO’s silicon anode commercial plant in South Korea by attracting strategic investments to NEO’s wholly-owned subsidiary NBM Korea Co Ltd, and A&P will actively support NEO in its commercialization efforts.
READ: NEO Battery Materials inks MOU with South Korea’s Province of Gyeonggi for advancement of silicon anode commercial plant
Both parties have also agreed to take advantage of the reputable and recognized network of A&P’s related companies, YSP and Yongsan, to strengthen NEO’s global business network.
Yongsan’s customers include Hyundai, Kia Motors, Suzuki, Geely Auto, and BYD Auto.
NEO CEO Spencer Huh said through the MOU, NEO was closer to completing initial strategic financing through NBM Korea, noting that the company believed it could secure its first and meaningful financing shortly.
“We are very excited to establish a practical business relationship with A&P in South Korea,” he said. “A&P has been in the automotive industry for more than 45 years through its direct and related companies.”
NEO Battery Materials is a Vancouver-based resource company focused on battery metals and technology development.
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