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NEO Battery Materials Reports Two Purchase Orders From Korean and North American Companies

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NEO Battery Materials (NBM.V) said Tuesday that it received purchase orders from a South Korean drone manufacturer, and a North American Fortune 500 automotive company.

The drone company, Narma, ordered NEO's 34 ampere-hour (Ah) drone battery packs and a custom-engineered 22Ah pack for its vertical take-off and landing (VTOL) unmanned aircraft.

The North American company order involves Neo servicing battery manufacturing processes for the automotive company's advanced battery development initiative.

These purchase orders are for immediate production and delivery within the near term, NEO added.

"NEO is continuing to target various downstream verticals and customer profiles to expand business opportunities and create a robust sales pipeline. With NEO's distinct cell development and manufacturing expertise from global battery manufacturers, the company is gaining adoption as not only a contract manufacturer but also a close collaborator on designing and optimizing end products and systems," said Chief Executive Spencer Huh.

The company's shares closed unchanged at C$0.27 Monday on the TSX Venture Exchange.

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