NEO Battery Materials Ltd (OTCMKTS:NBMFF) Stock In Focus After Recent News

NEO Battery Materials Ltd (OTCMKTS:NBMFF) is involved in the development of cost-effective silicon anode materials which are meant for developing fast charging longer lasting lithium-ion batteries.

NEO Battery Materials Designates Preferred Contractor for South Korean Commercial Plant Construction

On May 19 the company announced that it had designated its preferred contractor for its South Korean Commercial Plant after bids had been received. In a press release that had been sent out on April 10, 2023, the company had been successful in the completion of the request for quotation process. It had been noted at the time it had received quotes from three South Korea-based contractors.

After having conducted considerable internal analysis, planning, and discussions with different teams at NEO Battery Materials, the company had finally chosen its preferred contractor. It noted that it was going to start the final negotiations with regard to the construction timeline, material procurement, and estimated costs among other things with the contractor. As soon as the contract is finalized the contractor will start work on the site clearance and other aspects of work that would need to be completed before the commencement of the whole thing. The company expects the plant to be completed at some point in the first half of 2024.