NEO Battery Materials Completes Relocation to R&D Expansion Facility in Gyeonggi Technopark
January 03 2024 - 7:00AM
(
TSXV:
NBM) (
OTCQB: NBMFF)
- Completed
Relocation of R&D Scale-Up Centre to Gyeonggi Technopark
- Accommodates
Expanded Manufacturing & Testing Equipment with Increased
Battery Professional Headcount
- To Alleviate
Operational Pressure from Upsized Demand from Global Downstream EV
Battery Supply Chain Companies
- Added R&D
Breadth + Depth for Optimization Productivity Increase and New
Product Pipeline Establishment
NEO Battery Materials Ltd.
(“NEO” or the
“Company”),
a low-cost silicon anode materials developer that enables
longer-running, rapid-charging lithium-ion batteries, is pleased to
announce the completion of the R&D Scale-Up Centre relocation
from Yonsei Engineering Research Park to Gyeonggi Technopark (GTP)
in Ansan Science Valley.
With the relocation initiated last September,
NEO Battery Materials has completed all installations and
renovations required to continue the silicon anode optimization
process. The augmented workspace now accommodates upsized
manufacturing and testing equipment with an increased headcount of
battery engineering professionals. Throughout the upcoming year,
capacities are to be progressively expanded to fulfill perpetual
sample requests from global battery cell manufacturers and EV
original equipment manufacturers (OEM).
The GTP expansion facility will alleviate
operational pressures experienced from the escalating downstream
demand for performance-enhanced silicon anode materials. Moreover,
the added R&D breadth and depth will accelerate overall
optimization productivity and reduce production-to-evaluation lead
times. The Company is also committed establishing new product
pipelines for customized specifications for the various global
downstream parties that NEO is actively testing with.
Figure 1 - Entrance & Offices to NBM's GTP
Scale-Up Centre
Figure 2 - GTP Scale-Up Centre Manufacturing
& Testing Labs
Mr. Spencer Huh, Chief Executive Officer and
President of NEO, commented, “We extend our appreciation to all
stakeholders for their patience during the relocation to the GTP
R&D Expansion Centre and the Change of Business to a Technology
company. Being well-funded with our new facility, we are
enthusiastic to activate our upscaled operations for 2024. With our
invaluable engineering team, we are poised to achieve milestones
through binding joint development and/or collaboration agreements
with the prominent global EV battery supply chain companies.”
As discussed, NEO Battery Materials intends to
forge collaborations with member companies and institutions of
Ansan Science Valley (ASV). With GTP’s initiatives to advance
industry-academic collaborations and cluster development, the
Company is expected to benefit from auxiliary R&D support,
testing and certification, strategic cooperation, and education and
training support. ASV houses organizations including LG, Korea
Electrotechnology Research Institute, Hanyang University, and
several other technology-oriented institutions and companies.
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 ultra-fast charging batteries compared to 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. For more
information, please visit the Company’s website at:
https://www.neobatterymaterials.com/.
On Behalf of the Board of DirectorsSpencer
HuhDirector, President and CEOshuh@neobatterymaterials.com
For Investor Relations, PR & More
Information:Danny HuhSVP, Strategy &
Operationsdhuh@neobatterymaterials.com
This news release includes certain
forward-looking statements as well as management's objectives,
strategies, beliefs and intentions. Forward-looking statements are
frequently identified by such words as "may", "will", "plan",
"expect", "anticipate", "estimate", "intend" and similar words
referring to future events and results. Forward-looking statements
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All forward-looking information is inherently uncertain and subject
to a variety of assumptions, risks and uncertainties, including the
speculative nature of mineral exploration and development,
fluctuating commodity prices, the effectiveness and feasibility of
technologies which have not yet been tested or proven on a
commercial scale, competitive risks and the availability of
financing, as described in more detail in our recent securities
filings available at www.sedarplus.com. Actual events or results
may differ materially from those projected in the forward-looking
statements and we caution against placing undue reliance thereon.
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statements except as required by applicable law.
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accuracy of this release.
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at: https://www.globenewswire.com/NewsRoom/AttachmentNg/6c45f6ba-3fd1-4c24-8ee6-108f6014e046https://www.globenewswire.com/NewsRoom/AttachmentNg/ecb2712a-7c04-4c53-b2ef-f5a2d4f110d8
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