Battery Company Moving Higher Following LOI for Joint Venture

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Monday, October 21, 2024

With key technological priorities such as optimizing the recovered silicon for battery applications and improving recycling process operations, this innovative JV aims to leverage proprietary recycling know-how with expertise in silicon anode manufacturing, and traders are moving shares higher on the news. 

NEO Battery Materials Ltd. (TSXV: NBM) (OTC: NBMFF) is a low-cost silicon anode materials developer that enables longer-running, rapid-charging lithium-ion batteries. Today, the company announced in a press release that it has signed a non-binding Letter of Intent with collaborating partner Lotus Energy Recycling on October 8, 2024. The LOI outlines the intent to form a joint venture focused on recycling end-of-life photovoltaic (PV) cells and solar panels in North America. Recovering valuable silicon materials for the lithium-ion battery supply chain will be a key emphasis of the project. 

NEO and Lotus entered into a collaboration agreement in July to develop silicon anode products manufactured from recycled solar PV cells. Both parties have discussed exploring JV opportunities to create a North American recycling footprint. The initiative prioritizes de-risking environmental concerns during silicon raw material production and diversifying NEO’s silicon upstream sources.

The planned JV will establish physical operations in Canada to collect, dismantle, and recycle end-of-life PV cells and solar panels. The primary goal is to recover high-purity silicon and other valuable materials to create a sustainable, resilient, and circular supply chain for battery materials and cell production. JV activities are expected to begin soon after a definitive agreement is reached between both parties.

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