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NEO Battery to Supply High-Performance Batteries to Korean Drone Company

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NEO Battery Materials (NBM.V)on Thursday said it reached a defense partnership to build high-performance batteries for South Korean drone company Assetta.

Assetta develops and manufactures military-grade, lightweight reconnaissance VTOL (vertical take-off and landing) systems and fiber-optic drones. The partnership aims is to fully replace the Chinese-manufactured batteries currently used in Assetta's platforms today, a statement said.

"This agreement represents an operational advancement for a long-term customer relationship that we intend to scale alongside Assetta's innovations and upcoming production programs," said chief executive Spencer Huh. "The company is gradually expanding its drone customer pipeline as part of the Korea Defense Integration Strategy."

Neo Battery Materials shares were last seen up C$0.015, or 5.4%, to C$0.295 on the TSX Venture Exchange.

Price: $0.30, Change: $+0.02, Percent Change: +5.36%

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