NEO Battery Materials to expand into US with subsidiary; silicon anodes and battery materials
26 January 2023
NEO Battery Materials, a low-cost silicon anode materials developer that enables longer-running, rapid-charging lithium-ion batteries (earlier post), is under the process to establish NBM America, a US subsidiary, in February. NBM America will be fully owned by NEO Battery Materials and will actively seek US expansion opportunities that include the company’s core silicon anode business and new value-added projects in the battery materials industry.
The Ohio R&D Center and office will be added for the first phase of the US business expansion plan. NBM America will begin active business development to enter the US market for the core silicon anode business and will concurrently evaluate new battery materials projects.
The subsidiary will allow closer interaction with US-based NDA parties to expedite business and collaborative activities, and additional manpower will be supplemented to support this expansion.
As a private company, NBM America will focus on securing funding opportunities from state-level programs to federal-level initiatives that include the “Inflation Reduction Act” and Department of Energy funding.
The subsidiary will also target accessing the large pool of US venture capital funding that focuses on cleantech thematic investing and strengthening EV infrastructure. Numerous opportunities will create a stable financial runway for NBM America to construct additional commercial plants and value-add projects like silicon waste recycling in the US.
Ohio has been recognized as a strategic hub for the growing US battery supply chain. The state currently provides a favorable business environment for foreign companies, especially for those in the battery supply chain such as NEO Battery Materials.
Ultium Cells, a joint venture between LG Energy Solution and General Motors, has started production in its Ohio gigafactory battery plant (US$2.3-billion investment), and recently, LG Energy Solution and Honda have announced a joint venture for a gigafactory battery plant in Ohio (US$4.4-billion investment).
Neo has initiated communication with the state of Ohio, and the company will continue with the necessary proceedings with NEO’s advisor in Ohio.