NEO Battery Supplies Ltd. signed a strategic memorandum of understanding (MOU) with Car & PCB establishing strategic funding and cooperation between NEO and A&P to advance the Korean mass manufacturing facility of NEO’s silicon anode supplies for electrical car (EV) lithium-ion batteries.
NEO Battery Supplies Ltd. is a Vancouver-based firm centered on electrical car lithium-ion battery supplies. NEO has a give attention to producing silicon anode supplies by means of its proprietary single-step nanocoating course of, which offers enhancements in capability and effectivity over lithium-ion batteries utilizing graphite of their anode supplies. NEO’s know-how successfully counters quantity enlargement within the Si anode.
A&P is a public firm listed on the KOSPI, the principle board of the Korea Change. In 2021, A&P has recorded annual revenues of CAD $70M with its automotive components enterprise, and its associated firm, Yongsan, generated automotive components manufacturing revenues of CAD $600M in 2021. Yongsan possesses 17 manufacturing websites throughout 5 nations together with South Korea, China, the US, Mexico, and India, and it employs ~3,300 employees throughout the corporate’s international community.
Via this strategic MOU, NEO and A&P will pursue cooperation to assemble NEO’s Silicon Anode Industrial Plant in South Korea by attracting strategic investments to NBM Korea Co. Ltd., a completely owned subsidiary of NEO. A&P will actively help NEO in its commercialization efforts, and each events have established a prime precedence of pursuing strategic investments into NBM Korea.
Each events have additionally agreed to benefit from the community of A&P’s associated corporations, YSP and Yongsan, to strengthen NEO’s international enterprise community. Via its dominance in product high quality and administration, Yongsan is a good vendor to Hyundai, Kia Motors, Suzuki, Geely Auto, and BYD Auto.
