NEO Battery Materials Ltd. announced that the Company has upscaled the capacity of production from the pilot plant to a semi-commercial scale facility for silicon anode materials manufactured through NEO's proprietary nanocoating process. NEO's semi-commercial plant project is now finalized to produce 120 tons per year, and this is a 12-fold increase from the original capacity (~10 tons per year). Assuming a ratio of 9:1 for graphite to silicon in the anode (a 10% silicon loading), 120 tons per year produced by NEO's semi-commercial plant is sufficient to supply 40,000 electric vehicles (EVs). The Company is currently in the effort of increasing the silicon content in the anode component by over a 20% loading as a short-term project through controlling volume expansion and solid-electrolyte interphase (SEI) growth. This direction implies that NEO is approaching a 100% silicon anode as the final goal. NEO has proceeded with this decision to rapidly respond to the demands and requirements of different customers within the lithium-ion battery supply chain for electric vehicles. The ability to upscale the plant size positively indicates the mass production viability of NEO's silicon anodes. After construction and once processes are optimized, the semi-commercial plant will be able to be readily converted into a commercial-scale facility without substantial modifications.