NEO Battery Materials applies to Cdn. federal grant for EV battery technology
by CM Staff
NEO is in active conversation with provincial officials and municipalities to discuss the establishment of the R&D Centre.
TORONTO — NEO Battery Materials Ltd., a silicon anode materials developer that tries to enable longer-running, rapid-charging lithium-ion batteries, announces the initial application to a federal-level grant funding of CAD$ 1.5 million for the Canada Expansion Strategy. The Company says they are actively communicating with provincial government officials, municipalities, and academic institutions to establish a robust Canadian network for the R&D Centre deployment.
Through the support of Dr. Luc Duchesne, VP of Government Relations, NEO Battery Materials has initially applied for a federal-level grant focused on electric vehicle battery technologies and sustainability. With an expected project estimate of CAD$ 2 million, NEO will be entitled to receive CAD$ 1.5 million in project funding from the federal program. The program title will not be disclosed due to reasons of confidentiality with the funding entity.
Dr. Basudev Swain, Chief Science Officer of NEO, stated, “As NEO targets establishing an R&D Centre in Canada next month, the initial application has been made at an advantageous time, representing the outset of our Canada Expansion Strategy. Along with collaboration partners in Canada, we will apply to several federal and provincial grants for a larger magnitude of funding into our North American silicon anode production.”
Along with non-dilutive funding efforts, NEO is in active conversation with provincial officials and municipalities to discuss the establishment of the R&D Centre. With the government, various economic incentives, non-dilutive grant/project financing, site selection, foreign trade programs and support, and other business considerations are being examined to determine the optimal location and environment for North American operations.
To deploy NEO’s Battery Task Force Initiative, the Company is securing multiple industry-academic collaborations with institutions and professors across Ontario and Quebec. Research partnerships, intellectual property creation, and engineering employment opportunities will synergistically benefit both parties through technological innovations and the economic expansion of Canada’s EV battery supply chain.
