NEO Battery Materials Ltd revealed that it has received conditional approval from the TSX Venture Exchange for the proposed change of its business into an industrial, technology, or life sciences Tier 2 issuer.
The Vancouver-based company currently focused on electric vehicle lithium-ion battery materials, is on track to commercialize its proprietary silicon anode active materials, NBMSiDE, with the development of a commercial plant in the Oseong Industrial Complex, in South Korea.
According to the company, the reclassification into an industrial and technology issuer will allow NEO to “strategically pursue integration into the lithium-ion battery supply chain, delivering enhanced value to battery manufacturers and electric vehicle (EV) original equipment manufacturers (OEMs).”
In a statement, NEO CEO Spencer Huh said: “Following the months-long due diligence with the Exchange regarding our silicon anode commercialization plan, we are glad to announce the Listings Committee’s conditional approval of the change of business process.”
“Being positioned as a technology issuer, this strategic alignment will help to tighten the feedback loop for optimization and to proceed further with the commercial plant’s detailed design and construction,” he added.
The company noted that the move is subject to exchange review and approval, shareholder approval, and other necessary conditions for final approval.
NEO has a focus 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 electric vehicle industry.
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