NEO Battery Materials Ltd. announced that the Company has signed a letter of intent with an undisclosed, top U.S. university spin-out company of polymer electrolytes. Due to strategic reasons with regard to collaboration and business advancements, the Developer will remain unnamed until disclosed. Under the terms of the LOI, the Parties will jointly explore opportunities to integrate the Developer's polymer electrolyte technology into NEO's silicon anode system to improve the performance by effectively controlling silicon's volume expansion problem. Additionally, the non- flammable nature of polymer electrolytes can provide increased safety improvements as opposed
to conventional liquid electrolytes, preventing the risk of battery fires and explosions. NEO and the Developer acknowledge that creative, yet fast-paced R&D and collaboration must occur to scale both Parties' technologies into commercial-level products and outputs.