NEO Battery Materials Completes Relocation to R&D Expansion Facility in Gyeonggi Technopark

TORONTO, Jan. 03, 2024 (GLOBE NEWSWIRE) -- (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.”