NEO Battery Materials Signs MOU with Ferroglobe for Silicon Anode Technology
NEO Battery Materials Ltd. (TSXV: NBM) (OTC: NBMFF) (“NEO” or the “Company”) is pleased to announce it has entered into a Memorandum of Understanding (“MOU”) with Ferroglobe Innovation (“FGI”), a subsidiary of NASDAQ-listed Ferroglobe PLC, one of the world’s leading suppliers of silicon metal, silicon-based and manganese-based specialty alloys and ferroalloys. The two companies entered into a non-disclosure agreement (“NDA”) in April and have advanced discussions regarding the development of silicon powders and anode materials.
Under the terms of the MOU, the parties intend to pursue synergies and mutual benefit through combining NEO’s silicon nanocoating technology and FGI’s silicon materials to optimize the electrochemistry, performance, and cost of the silicon powder and anode materials in lithium-ion batteries. Advancing cost-effective manufacturing capabilities for the silicon downstream are of priority and essence for the full adoption of silicon anodes in electric vehicles and energy store solutions (ESS) applications.
Ferroglobe is a global leading producer of silicon metal and its respective alloys, operating with 26 production centers in Canada, France, South Africa, Spain, and the U.S amongst other markets. Ferroglobe Innovation has developed proprietary, state-of-the-art technology to produce high-purity silicon powders and to supply customized solutions to manufacturer customers. Ferroglobe accounts for 14% of the global production capacity of silicon metal and is recognized as the leading producer of ferroalloys in the European Union