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Neo Battery Materials Ltd
Symbol NBM
Shares Issued 115,657,506
Close 2024-06-10 C$ 0.125
Market Cap C$ 14,457,188
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Neo Battery, Innox eco-M to collaborate for Si products

2024-06-11 11:58 ET - News Release

Mr. Spencer Huh reports

NEO BATTERY MATERIALS FORGES COLLABORATION AGREEMENT WITH MAJOR SOUTH KOREAN CHEMICAL MATERIAL COMPANY, INNOX ECO-M

Neo Battery Materials Ltd. has signed a collaboration agreement with Innox eco-M, a company renowned for its innovative silicon recycling process and a subsidiary of a leading Korean chemical materials company, Innox Holding Corp.

Under this collaboration, Neo Battery Materials will jointly develop silicon anode products by integrating Innox eco-M's high-purity recycled silicon and silicon-oxide powders as the raw material. Main collaboration priorities will include:

  • Enhancing electrochemical performance, including increased capacity and efficiencies;
  • Reducing overall manufacturing costs with low-cost precursors; and
  • Commercializing a sustainable, ESG (environmental, social and governance)-friendly anode product.

The collaboration is also expected to contribute toward a more circular economy with improved supply chain resiliency. With most silicon sources manufactured in China, Innox eco-M will help Neo Battery Materials diversify its supply chain dependency and secure a long-term, low-cost supply of silicon inputs.

Innox eco-M supplies various manufacturing companies in the battery and chemical materials industry. It operates three facilities in South Korea and China, and plans to expand its silicon-oxide powder manufacturing capabilities in Vietnam. Innox eco-M mainly recycles waste slurry created from semiconductor and solar wafer cutting and flattening processes.

Spencer Huh, president and chief executive officer of Neo, commented: "We are excited to join forces with Innox eco-M in this strategic collaboration. This partnership marks a significant business development milestone and is well-aligned with the high-level pillared strategy of establishing commercial collaborations with horizontal partners in the battery supply chain. We aim to create synergies to drive significant technical and sustainable innovations."

About Neo Battery Materials Ltd.

Neo Battery Materials is a Canadian battery materials technology company focused on developing silicon anode materials for lithium-ion batteries in electric vehicles, electronics and energy storage systems. With a patent-protected, low-cost manufacturing process, Neo Battery enables longer-running and ultrafast charging batteries compared with existing state-of-the-art technologies. The company aims to be a globally leading producer of silicon anode materials for the electric vehicle and energy storage industries.

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