NEO Battery Materials Provides Commercialization Update on Windsor Silicon Anode Manufacturing Plant
Dragun Corporation Commissioned to Conduct ESA to Identify Potential Areas of Environmental Concern (AEC)
Phase II ESA & Remedial Action To Be Undertaken When AECs Identified
Discussions In Process to Select Potential Contractors and Construction Companies for Windsor Plant
Windsor Silicon Anode Plant to Reduce Reliance on Imported Material, Encourage Canada's Battery Technology Innovation, and Support Region's Economic Development
TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Following the Windsor, Ontario, lease and investment announcement on January 24, 2025, NEO Battery Materials Ltd. ('NEO' or the 'Company') (TSXV: NBM) (OTC: NBMFF), a low-cost silicon anode materials developer that enables longer-running, rapid-charging lithium-ion batteries, is pleased to announce advancements in its commercialization efforts of Canada's first advanced silicon anode manufacturing facility.
Site Due Diligence and Pre-Commercialization Activities Underway
To ensure the site is suitable for development, NEO Battery Materials has initiated due diligence by commissioning a Phase I Environmental Site Assessment (ESA) for the 8-acre site located in the Windsor Airport South Industrial Park. Dragun Corporation, an experienced environmental consulting firm, is conducting this assessment, which will include a review of potential areas of environmental concern (AEC) within and adjacent to the site.
Assessment components involve regulatory file reviews related to certain environmental permits, notifications, and enforcement actions as part of the Phase I ESA. If AECs are identified, a Phase II ESA may be undertaken to determine soil and/or groundwater impact, and subsequent remediations will be taken to achieve compliance with environmental laws and standards.
In parallel, the Company is pre-qualifying potential contractors and construction companies for the project. Discussions are underway to select partners who can meet the technical, regulatory, and timeline requirements for the silicon anode plant construction. NEO remains committed to successfully completing the due diligence process and advancing construction preparations. Contractor selection and site progress updates will be provided as each activity is completed.
Windsor: Home to Canada's First Silicon Anode Manufacturing Plant
The Windsor plant will contribute to the Company's efforts to advance high-performance, sustainable battery materials technology for Canada and North America. The project includes establishing a manufacturing facility to produce 5,000 tons of silicon anode materials annually, with plans for value-added, battery-related projects. This initiative aims to reduce reliance on imported battery materials while supporting the region's economic development through job creation and investment.
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 Directors
Spencer Huh
Director, President, and CEO
For Investor Relations, PR & More Information:
[email protected] T: +1 (437) 451-7678
T: +1 (437) 451-7678
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified notably by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: volatile stock prices; the general global markets and economic conditions; the possibility of write-downs and impairments; the risk associated with the research and development of advanced technologies; the risk associated with the effectiveness and feasibility of technologies that have not yet been tested or proven on commercial scale; the risks associated with entering into collaborations, joint ventures, or partnerships with battery cell manufacturers and OEMs; the risks associated with the construction, completion, and financing of commercial facilities including the Windsor and South Korean plant; fluctuations in input precursor prices; the risks associated with uninsurable risks arising during the course of research, development and production; competition faced by the Company in securing experienced personnel and financing; access to adequate infrastructure to support battery materials research and development activities; the risks associated with changes in the technology regulatory regime governing the Company; the risks associated with the timely execution of the Company's strategies and business plans; the risks associated with the Company's abilities to attain its goals and commercialization; the risks associated with the lithium-ion battery industry's demand and adoption of the Company's silicon anode technology; the risks associated with the various environmental and political regulations the Company is subject to; the risks related to regulatory and permitting delays; the reliance on key personnel; liquidity risks; the risk of litigation; risk management; and other risk factors as identified in the Company's recent Financial Statements and MD&A and in recent securities filings for the Company which are available on www.sedarplus.ca. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued R&D and commercialization activities, no material adverse change in precursor prices, development and commercialization plans to proceed in accordance with plans and such plans to achieve their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations, research and development, and commercialization plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this presentation, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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