VANCOUVER, British Columbia, Jan. 17, 2023 (GLOBE NEWSWIRE) — (TSXV: NBM) (OTCQB: NBMFF)

  • Approval of Development Allow for Silicon Anode Industrial Plant in Oseong Overseas Funding Zone, Pyeongtaek Metropolis
  • Actively Engaged in Discussions to Safe Dependable, Lengthy-Time period Buyers for Strategic Investments
    • Splendid Strategic Buyers to Cooperate with NEO to Develop Enterprise Initiatives
  • Focusing on Non-Dilutive Funding Alternatives from South Korean Governments’ Inexperienced and Clear Expertise Insurance policies

NEO Battery Supplies Ltd. (“NEO” or the “Company”), a low-cost silicon anode supplies developer that allows longer-running, rapid-charging lithium-ion batteries, is extremely happy to announce that the development allow for the Firm’s Silicon Anode Industrial Plant has been authorised by the Metropolis of Pyeongtaek. With an preliminary capability of 240 tons per yr, the Industrial Plant shall be able to supplying silicon anodes to as much as 160,000 electrical autos, and NEO plans to focus on the full-fledged capability at a minimal manufacturing of two,000 tons per yr.

The development allow has been authorised after a rigorous examination and due diligence interval with the related departments of Pyeongtaek Metropolis and exterior organizations. As mentioned, the Firm will proceed to the invitation for bid (IFB) to pick the best contractor for building, and the preliminary building part will embrace website clearance and primary civil engineering to arrange for the build-out of the Industrial Plant.

Mr. Spencer Huh, President and CEO of NEO, commented, “We’re extraordinarily excited to announce this long-awaited milestone aim to provoke the primary steps of our business plant’s building. From the lively, diligent work of our commercialization engineering crew, we’ve got accomplished the due diligence interval with the town sooner than anticipated to achieve the approval, and we’ll proceed to expedite the following processes to interrupt floor and set up the Firm into an indispensable provider of silicon anodes within the EV battery provide chain as quickly as attainable.”

Strategic Investments & Non-Dilutive Funding from Inexperienced/Clear Expertise Insurance policies for Industrial Plant Development & Gear
NEO Battery Supplies is actively engaged to safe dependable, long-term traders, which embrace institutional traders and companies, that may present strategic investments for building and tools. Administration deems strategic traders that possess the required assets, competencies, and community can help NEO’s enterprise initiatives to increase within the world EV lithium-ion battery sector. In concurrence with commercialization progress, the Firm prioritizes minimizing fairness dilution and reaching the optimum capital construction degree.

Moreover, by NBM Korea Ltd., NEO’s South Korean subsidiary, the administration crew is in lively dialogue with a number of South Korean monetary establishments to safe strategic debt financing at favorable phrases with low-interest charges.

“As we’re on schedule to proceed to the following levels, the development allow approval is a considerable catalyst that gives an advantageous place to draw the best strategic investments and likewise serves as a symbolic milestone to our enterprise developments. We goal to ship subsequent information that bolsters each our enterprise and monetary place to create vital worth for our shareholders,” said Mr. Spencer Huh.

Together with strategic investments, South Korean governmental non-dilutive financing from inexperienced and clear know-how insurance policies shall be focused, and NEO Battery Supplies will cooperate and work along with the Gyeonggi Province to safe varied funding alternatives. In July 2020, the federal authorities introduced the Korean New Deal to help inexperienced infrastructure and innovation in inexperienced industries, injecting roughly 135 billion USD to create 1.9 million jobs by 2025. Likewise, each federal and provincial South Korean governments are creating extra insurance policies to encourage carbon neutrality and zero-emission initiatives.

About NEO Battery Supplies Ltd.
NEO Battery Supplies Ltd. is a Vancouver-based firm targeted on electrical automobile lithium-ion battery supplies. NEO has a concentrate on producing silicon anode supplies by its proprietary single-step nanocoating course of, which gives enhancements in capability and effectivity over lithium-ion batteries utilizing graphite of their anode supplies. The Firm intends to change into a silicon anode lively supplies provider to the electrical automobile business. For extra info, please go to the Firm’s web site at: https://www.neobatterymaterials.com/.

On behalf of the Board of Administrators
Spencer Huh
President and CEO
604-355-6463
shuh@neobatterymaterials.com

This information launch contains sure forward-looking statements in addition to administration’s aims, methods, beliefs and intentions. Ahead wanting statements are often recognized by such phrases as “could”, “will”, “plan”, “count on”, “anticipate”, “estimate”, “intend” and related phrases referring to future occasions and outcomes. Ahead-looking statements are based mostly on the present opinions and expectations of administration. All forward-looking info is inherently unsure and topic to a wide range of assumptions, dangers and uncertainties, together with the speculative nature of mineral exploration and improvement, fluctuating commodity costs, the effectiveness and feasibility of applied sciences which haven’t but been examined or confirmed on a business scale, aggressive dangers and the provision of financing, as described in additional element in our latest securities filings accessible at www.sedar.com. Precise occasions or outcomes could differ materially from these projected within the forward-looking statements and we warning towards putting undue reliance thereon. We assume no obligation to revise or replace these forward-looking statements besides as required by relevant legislation.

Neither TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts duty for the adequacy or accuracy of this launch.

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