NEO Battery Materials Ltd.

09:57 AM EST - NEO Battery Materials Ltd. : Announced it has entered into a Memorandum of Understanding with Ferroglobe Innovation, 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. NEO Battery Materials Ltd. shares V.NBM are trading up 7 cents at $0.83.

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