Shares of NEO Battery Materials (TSXV: NBM; US-OTC: NBMFF) surged on Monday after the company announced a partnership with a multinational chemical materials company for the development of silicon-based anode materials.
NEO said its new partner is a Fortune Global 500 company — but said its name will remain confidential for strategic reasons and to protect proprietary technologies involved. NEO revealed only that the company has multi-billion annual revenue and more than 40,000 employees in over 50 countries.
The companies have agreed to work together to develop silicon anode products with advanced chemical coatings designed to improve their structural durability and limit undesirable reactions that can decrease battery capacity during use.
Based on the successful completion of development objectives, both parties intend to commercialize the jointly enhanced silicon anodes for EV lithium-ion batteries, NEO said. The company currently has a patent-protected, low-cost manufacturing process for silicon anodes that enables longer-running and ultra-fasting charging batteries.
Commenting on the agreement, NEO chief executive Spencer Huh said the synergies with the partner “are expected to generate unmatched battery performance compared to state-of-the-art products.”
NEO Battery Materials’ stock soared over 30% to a 52-week high of 44¢ on the announcement, giving the company a market capitalization nearly $47 million. The shares ended the day at 42¢ apiece.
Be the first to comment on "NEO Battery Materials stock soars as it partners with unnamed chemicals firm"