NEO Battery Materials provides updates on installation of additional equipment for mass production optimization and final stages of commercial plant design for construction

VANCOUVER, British Columbia, Oct. 21, 2022 (GLOBE NEWSWIRE) — (JSXV: NBM) (OTCQB: NBMFF)

• Successful installation of additional equipment to speed up the mass production process and product optimization

• Preparation for the evaluation of new and additional materials of silicon anodes optimized by NDA partners in South Korea, the United States and Europe

• Development of additional product series with graphite and CNT composite anodes

• Final stages of designing a commercial plant for the initial construction stage

NEO Battery Materials Ltd. (“NEO“or the”VSohmpanthere”) is pleased to provide updates on 1) additional equipment installation for agile mass production process and product optimization, 2) new and additional material evaluations of anode products in optimized silicon, 3) development of additional product series with graphite and CNT, 4) final stages of commercial plant design and permitting submission schedule, and 5) recent development activities of the company.

Installation of additional equipment for agile optimization of mass production, evaluation of downstream user materials with in-house cell assembly and development of additional product series
NBM Korea has successfully installed additional production equipment in the R&D scale-up center to intensify efforts to gradually optimize the all-in-one mass production process for silicon anode materials from NEO, NBMSiDE™. This scaling step will enable agile product development, as the NBMSiDE™ material feature set and manufacturing costs can be assessed and adjusted to meet various downstream customer specifications. With in-house coin cell battery assembly and electrochemical characteristic analysis, the company is preparing for additional and new material evaluations of optimized NBMSiDE™ anodes from more than 35 NDA partners located in South Korea, the United States and Europe.

Further research and development is underway to introduce an additional NBMSiDE™ product series: To directly address the needs of battery cell manufacturers, NEO is developing a silicon-graphite composite anode that will possess the ease of integration in battery cells for maximum compatibility. . Another pilot composite anode with carbon nanotube (CNT) materials that can mitigate the volume expansion problem of silicon particles is under development and evaluation. All NBMSiDE™ series are produced and based on metallurgical grade silicon microparticle raw material and all-in-one process in which significant cost reductions can be achieved through low cost inputs and lean manufacturing .

The story continues

Commercial plant: final stages of building design and timeline for submission of permits for initial construction and earthworks
The production building and the research office building are in the final stages of architectural design, and the associated permits will therefore be submitted to the relevant city in December 2022. The use of the production building will entail the installation of future production lines NBMSiDE™ Mass Scale and Utility Facilities, and the Research Office Building will house the current equipment, testing facilities and staff of the NBM Korea Scaling Center located at Yonsei University.

Upon approval of the permit, the initial construction process, including earthworks, will be carried out. The buildings will be completed sequentially taking into account the volatility of financial markets and raw material prices and the procurement schedule regarding NBMSiDE™ mass production equipment with long lead times.

Business Development Update
In the past month, the company has signed NDAs with 3 European companies and 1 US-based company, and a European company is to visit NBM Korea’s Scale-Up R&D Center to discuss practical cooperation initiatives such as a Joint Development Agreement (JDA) .

About NEO Battery Materials Ltd.
NEO Battery Materials Ltd. is a Vancouver-based company focused on lithium-ion battery materials for electric vehicles. NEO focuses on producing silicon anode materials through its proprietary one-step nanocoating process, which improves capacity and efficiency compared to lithium-ion batteries that use graphite in their anode materials. The Company intends to become a supplier of active silicon anode materials for the electric vehicle industry. For more information, please visit the company’s website at: https://www.neobatterymaterials.com/.

On behalf of the Board of Directors
spencer eh
President and CEO
604-355-6463
shuh@neobatterymaterials.com

This press release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by words such as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to to future events and results. Forward-looking statements are based on management’s current beliefs and expectations. 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, fluctuation in commodity prices, efficiency and feasibility of technologies that have not yet been tested or proven on a commercial scale basis, competitive risks and availability of funding, as further described in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution you not to place undue reliance thereon. We undertake no obligation to revise or update these forward-looking statements, except as required by applicable law.

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