NEO Battery Materials to Establish NBM America for U.S. Business Expansion of Silicon Anodes and Battery Materials

January 25, 2023 (Original) – (TSXV: NBM) (OTCQB: NBMFF)

  • Under process of setting up NBM America Limited in Ohio for US business expansion
  • Initiate active business development for the core silicon anode business and add value-adding projects in the battery materials industry
    • To support close communication with US-based NDA parties for business activities and collaboration
  • To secure state and federal-level funding opportunities from the IRA/DOE and to access a large pool of venture capital funding through NBM America

NEO BATTERY MATERIALS LTD. (“NEO” or “CompanY”), a developer of low-cost silicon anode materials that enable long-lasting, rapid-charging lithium-ion batteries, is pleased to announce that it is in the process of establishing a US subsidiary, NBM Americas Ltd., in February. NBM America is wholly owned by NEO Battery Materials and actively seeks US expansion opportunities that include new value-added projects in the company’s core silicon anode business and battery materials industry.

Ohio: The New Strategic US Battery Hub
The Ohio R&D center and office will be included in the first phase of the US business expansion plan. NBM America will initiate active business development to enter the US market for the core silicon anode business and simultaneously evaluate new battery materials projects to add further value to NEO battery materials. The subsidiary will allow closer communication with US-based NDA parties to expedite business and collaborative activities, and complement additional manpower to support this expansion.

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As a private company, NBM America focuses on securing funding opportunities from state-level programs to federal-level initiatives that include the Inflation Reduction Act and Department of Energy funding. The subsidiary also aims to access a large pool of US venture capital funding focused on cleantech themed investment and strengthening EV infrastructure. Several opportunities to build additional commercial plants and value-added projects in the US, such as silicon waste recycling, create a stable financial runway for NBM America.

Ohio has been identified as a strategic hub for the growing US battery supply chain. The state currently provides a favorable business environment for foreign companies, especially those in the battery supply chain, such as NEO Battery Materials. Altium Cells, a joint venture between LG Energy Solutions and General Motors, has started production at its Ohio Gigafactory battery plant (USD 2.3B investment) and recently, LG Energy Solutions and Honda announced a joint venture for a Gigafactory battery plant in Ohio. (USD 4.4B investment). The Company has begun communication with the State of Ohio and the Company will continue the necessary proceedings with the NEO’s counsel in Ohio.

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Chairman and CEO of NEO Mr. Spencer Huh commented, “We are now actively pursuing a US expansion strategy, NBMSiDE™, following highly positive results from the optimization and commercialization progress of our silicon anode materials. We recognize substantial potential for silicon waste recycling in the US as we secure core engineers and researchers. “Through NBM America, we strongly believe that NEO can increase its exposure to the larger business and investment community in the US.”

About NEO Battery Materials Limited
NEO Battery Materials Limited is a Vancouver-based company focused on electric vehicle lithium-ion battery materials. NEO is focused on producing silicon anode materials through its proprietary single-step nanocoating process, which provides improvements in the capacity and efficiency of lithium-ion batteries using graphite in the anode material. The company intends to become a supplier of silicon anode active materials for the electric vehicle industry. For more information, please visit the company’s website: https://www.neobatterymaterials.com/.

On behalf of the Governing Body
Spencer Huh
President and CEO
604-355-6463
[email protected]

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This news release contains management objectives, strategies, beliefs and objectives as well as certain forward-looking statements. Forward-looking statements are often identified by words such as “may”, “will”, “plan”, “anticipate”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on management’s current opinions and expectations. All forward-looking information is inherently uncertain and subject to various assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, the volatility of commodity prices, the effectiveness and feasibility of untested or unproven technologies. Commercial scale, competitive risks and availability of financing are described in more detail in our most recent securities filings.www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We undertake no obligation to revise or update these forward-looking statements except as required by applicable law.

Neither the TSX Venture Exchange nor its regulatory services providers (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

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