17:46:20 EST Sun 10 Nov 2024
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Neo Battery Materials Ltd
Symbol NBM
Shares Issued 115,657,506
Close 2024-10-07 C$ 0.415
Market Cap C$ 47,997,865
Recent Sedar Documents

Neo Battery, Global 500 company enter development deal

2024-10-07 17:20 ET - News Release

Mr. Spencer Huh reports

NEO BATTERY MATERIALS SIGNS JOINT DEVELOPMENT AGREEMENT WITH FORTUNE GLOBAL 500 CHEMICAL MATERIALS COMPANY

Neo Battery Materials Ltd. has signed a joint development agreement with a Fortune Global 500 multinational chemical material company. The JDA partner will remain confidential due to competitive strategy and protection of proprietary technologies.

Under the agreement, Neo Battery and the JDA partner will jointly develop and enhance silicon anode materials with advanced chemical coatings and methods. Advanced chemical coatings will improve silicon's structural durability and limit undesirable reactions that decrease battery capacity during use. Based on the successful completion of development objectives, both parties intend to commercialize the jointly enhanced silicon anodes for electric vehicle lithium-ion batteries.

Spencer Huh, director, president and chief executive officer of Neo Battery, commented: "We are deeply pleased to announce this major business milestone of signing Neo's first JDA with a well-respected, global chemicals company. With multibillions in annual recurring revenue, the JDA partner has deep experience in the chemicals space and operates in over 50 countries with over 40,000 employees. We are further excited to optimize our silicon anode products with unique technologies offered by major partners within the industry. Synergies with our JDA partner are expected to generate unmatched battery performance compared to state-of-the-art products."

About Neo Battery Materials Ltd.

Neo Battery is a Canadian battery material 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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