TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) —
Secured 8 Acres to Set up Canada’s First Superior Silicon Anode Manufacturing Facility in Windsor, OntarioCommercial Facility to Produce 5,000 Tons of Silicon Anodes Yearly with Full-Section Enlargement Plans to Initially Make investments CAD 69 Million with Future Enlargement Funding Totalling Roughly CAD 120 Million within the Subsequent 8 YearsCreating Over 100 Expert Jobs within the Battery Worth Chain Preliminary Time period of 49 Years with Tax Incentives and Beneficial Lease Phrases to Foster Financial Progress and Innovation Windsor Metropolis Council Accredited Grant to Help Operations
NEO Battery Supplies Ltd. (TSXV: NBM) (OTC: NBMFF), a low-cost silicon anode supplies developer that allows longer-running, rapid-charging lithium-ion batteries, is very happy to enter right into a definitive lease settlement (the “Agreement”) on December 20, 2024, with the Metropolis of Windsor, Ontario (“Windsor”), securing 8 acres of surplus lands at Windsor Airport. This important milestone marks a essential step towards establishing Canada’s first superior silicon anode manufacturing facility, additional solidifying NEO’s function in strengthening the Canadian battery worth chain.
Advancing Canada and Ontario’s Battery Ecosystem
Positioned in one in all Canada’s key automotive and battery hubs, NEO will lease 8 acres or 350,000 sq. ft to assemble a industrial plant able to producing 5,000 tons of silicon anodes yearly. Initially planning to take a position CAD 69 million, NEO expects to take a position roughly CAD 120 million in complete over the following 8 years for future enlargement of the Windsor facility and value-added tasks. The funding is anticipated to create over 100 expert jobs when absolutely operational. NEO’s facility is anticipated to play a pivotal function in lowering reliance on imported supplies and enhancing the resilience of the burgeoning battery provide chain in Ontario and throughout North America.
With an preliminary time period of 49 years, the Settlement consists of tax incentives and beneficial lease phrases in comparison with market charges, reflecting Windsor’s dedication to fostering financial progress and innovation in battery know-how. By means of a Neighborhood Enchancment Plan, Windsor Metropolis Council has authorized, in precept, a grant for NEO Battery Supplies to assist their institution and operations. NEO’s determination to determine its first North American manufacturing facility in Windsor underscores the Firm’s confidence within the area’s infrastructure, workforce, and business-friendly surroundings.
From Left to Proper: Irek Kusmierczyk, MP for Windsor-Tecumseh; Joe Goncalves, VP, Funding Attraction & Strategic Initiatives, Make investments Windsor-Essex; Spencer Huh, President & CEO, NEO Battery Supplies; Danny Huh, SVP, Technique & Operations, NEO Battery Supplies; Na Qu, Senior Funding Attraction Officer, Make investments Windsor-Essex; Tom Schnekenburger, Director, Analysis Partnerships, College of Windsor; Drew Dilkens, Mayor of Metropolis of Windsor
Mr. Drew Dilkens, Mayor of the Metropolis of Windsor and Board Chair of Make investments WindsorEssex, commented, “Today’s announcement is a testament to Windsor’s strategic location, skilled workforce, and leadership in the automotive and EV industries. NEO Battery Materials’ decision to invest in our city highlights our ability to attract forward-thinking companies that drive innovation and create opportunities for our community. As the Automotive and Automobility Capital of Canada, and one of the most important communities to watch in the province and country, we are excited to welcome NEO to Windsor and look forward to the positive impacts, including job creation, this investment will bring to our region.”
Mr. Joe Goncalves, Vice President of Funding Attraction & Strategic Initiatives at Make investments WindsorEssex, expressed, “We are thrilled to welcome NEO Battery Materials to Windsor-Essex, a testament to our region’s strategic location and prominence as a global leader in next-generation vehicle production and battery manufacturing. We are proud to support NEO Battery Materials in establishing their innovative operations here and look forward to their continued growth and impact in our community.”
“The execution of the Agreement represents a transformative milestone for NEO Battery Materials and the Canadian and Ontario battery ecosystem,” said Mr. Spencer Huh, Director, President and CEO of NEO. “We are proud to be establishing Canada’s first advanced silicon anode manufacturing facility, enabling us to address the increasing demand for high-performance and cost-effective battery technologies. With a significant investment in the Windsor community, NEO will further bolster Ontario’s clean tech sector and strengthen Canada’s growing leadership in the battery supply chain.”
Mr. Tom Schnekenburger, Director of Analysis Partnerships on the College of Windsor, commented, “Creating a thriving innovation ecosystem in Windsor-Essex comes from collaborations with teams like NEO Battery Materials. These projects are crucial to developing a world-class talent pool and critical to advancing R&D and material discovery.”
About Metropolis of Windsor
Windsor is the proud Worldwide Gateway between Canada and the USA of America, and the most important border metropolis within the nation. Town boasts one of many busiest industrial Canada-U.S. border crossings, dealing with a few third of all Canada-U.S. commerce per day. Strategically positioned, town has quick access to the Proper Honourable Herb Grey Parkway, Freeway 401, Freeway 3, the Ambassador Bridge, the Windsor-Detroit Tunnel, the Windsor Worldwide Airport, and the Detroit Metropolitan Airport. On the municipal degree, the Metropolis of Windsor is led by a Mayor and Metropolis Council who stay dedicated to creating strategic investments in infrastructure, property, facilities and experiences to assist and maintain document progress, whereas retaining affordability and high quality of life prime of thoughts.
About Make investments WindsorEssex
Make investments WindsorEssex is the lead financial improvement company for the Windsor-Essex area. The main focus of the group is to develop and execute methods to retain, develop, entice and assist new companies start-up in Windsor-Essex. Make investments WindsorEssex is led by a board of distinguished group leaders. A workforce {of professional} workers will help you with all of your location and funding choices by working one-on-one with companies, to facilitate the method of beginning, rising or finding in Windsor-Essex. investwindsoressex.com
About College of Windsor
With a wealthy historical past courting again to 1857, the College of Windsor is a complete, student-focused establishment with greater than 17,000 college students enrolled in a broad vary of undergraduate and graduate packages within the schools of Arts, Humanities and Social Sciences, Training, Engineering, Graduate Research, Human Kinetics, Regulation, Nursing, Odette Faculty of Enterprise and Science. UWindsor’s mission is to empower constructive change by way of regionally and globally engaged inquiry, studying, scholarship, inventive exercise and advance daring and impactful analysis. Go to www.uwindsor.ca to study extra.
About NEO Battery Supplies Ltd.
NEO Battery Supplies is a Canadian battery supplies know-how firm centered on creating silicon anode supplies for lithium-ion batteries in electrical autos, electronics, and vitality storage programs. With a patent-protected, low-cost manufacturing course of, NEO Battery allows longer-running and ultra-fast charging batteries in comparison with current state-of-the-art applied sciences. The Firm goals to be a globally-leading producer of silicon anode supplies for the electrical automobile and vitality storage industries. 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
Director, President, and CEO
For Investor Relations, PR & Extra Info:
[email protected]
T: +1 (437) 451-7678
This information launch consists of sure forward-looking statements in addition to administration’s aims, methods, beliefs and intentions. All info contained herein that isn’t clearly historic in nature could represent forward-looking info. Typically, such forward-looking info will be recognized notably by means of forward-looking terminology akin to “plans”, “expects” or “doesn’t anticipate”, “is anticipated”, “funds”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “doesn’t anticipate”, or “believes”, or variations of such phrases and phrases or state that sure actions, occasions or outcomes “could”, “may”, “would”, “may” or “can be taken”, “happen” or “be achieved”. Ahead-looking info is topic to recognized and unknown dangers, uncertainties and different elements that will trigger the precise outcomes, degree of exercise, efficiency or achievements of the Firm to be materially completely different from these expressed or implied by such forward-looking info, together with however not restricted to: unstable inventory costs; the final international markets and financial situations; the opportunity of write-downs and impairments; the chance related to the analysis and improvement of superior applied sciences; the chance related to the effectiveness and feasibility of applied sciences that haven’t but been examined or confirmed on industrial scale; the dangers related to coming into into collaborations, joint ventures, or partnerships with battery cell producers and OEMs; the dangers related to the development, completion, and financing of business amenities together with the Windsor and South Korean plant; fluctuations in enter precursor costs; the dangers related to uninsurable dangers arising in the course of the course of analysis, improvement and manufacturing; competitors confronted by the Firm in securing skilled personnel and financing; entry to sufficient infrastructure to assist battery supplies analysis and improvement actions; the dangers related to adjustments within the know-how regulatory regime governing the Firm; the dangers related to the well timed execution of the Firm’s methods and enterprise plans; the dangers related to the Firm’s talents to achieve its targets and commercialization; the dangers related to the lithium-ion battery business’s demand and adoption of the Firm’s silicon anode know-how; the dangers related to the varied environmental and political laws the Firm is topic to; the dangers associated to regulatory and allowing delays; the reliance on key personnel; liquidity dangers; the chance of litigation; threat administration; and different threat elements as recognized within the Firm’s latest Monetary Statements and MD&A and in latest securities filings for the Firm which can be found on www.sedarplus.ca. Ahead-looking info is predicated on assumptions administration believes to be cheap on the time such statements are made, together with however not restricted to, continued R&D and commercialization actions, no materials adversarial change in precursor costs, improvement and commercialization plans to proceed in accordance with plans and such plans to realize their said anticipated outcomes, receipt of required regulatory approvals, and such different assumptions and elements as set out herein. Though the Firm has tried to establish essential elements that might trigger precise outcomes to vary materially from these contained within the forward-looking info, there could also be different elements that trigger outcomes to not be as anticipated, estimated or meant. There will be no assurance that such forward-looking info will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such forward-looking info. Such forward-looking info has been supplied for the aim of aiding buyers in understanding the Firm’s enterprise, operations, analysis and improvement, and commercialization plans and will not be applicable for different functions. Accordingly, readers mustn’t place undue reliance on forward-looking info. Ahead-looking info is made as of the date of this presentation, and the Firm doesn’t undertake to replace such forward-looking info besides in accordance with relevant securities legal guidelines.
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