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Mining & Metals

NEO Battery Materials, University of Toronto Receives C$180,000 Mitacs Funding

NEO Battery Materials (NBM.V) and the University of Toronto have been granted a multi-year, non-dilutive C$180,000 research investment through the "Mitacs Accelerate" program by Mitacs, a national not-for-profit organization, to advance "high-power," niobium-based lithium batteries for defense and industrial systems, NEO said in a statement on Thursday.Defense submarines/unmanned underwater vehicles, short-range ballistic missiles, and battery backup units for AI data centres are the company's targeted end-use applications for the technology.NEO Battery said it intends to validate all materials developed under the project by manufacturing large-format battery cells and conducting continued product testing under field-use conditions in conjunction with end-use system partners.Shares of the company closed down 7.1% to C$0.26 on Wednesday on the TSX Venture Exchange.

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Mining & Metals

NEO Battery Materials Launches FPV Strike Drone or Loitering Munition Battery with "High-Power & Energy Performance"

NEO Battery Materials (NBM.V) launched its "high-power and energy" battery products specifically engineered for First-Person View (FPV) strike drones or loitering munitions (LMs), demonstrating a 82% increase in energy density and doubling in flight range compared to Chinese incumbents, said the company on Thursday.It is "one of first non-Chinese pouch battery alternatives" for FPV strike drones with U.S. NDAA compliance for procurement eligibility into DoW and allied military entities, stated the company.Both 6.5 and 11.5 Ah products are precision-engineered to deliver "improved stability and flight time under the high-intensity discharge conditions" required for one-way strike drones, said the company."At identical size and dimensions, NEO's 6.5 Ah packs delivered an 82% increase in energy density compared to a commercial Chinese pack, enhancing from 129 to 235 watt-hours per kilogram (Wh/kg) or raising capacity from 3.3 to 6.5 Ah," said the company. "In a simulated 250 km/h strike mission, the optimization translated into a 102.9% increase in flight range from 24.4 km to 49.5 km, given the same amperage (current delivery)."The higher-capacity 11.5 Ah variant demonstrated a "stronger power profile and lower temperature rise" compared to a "leading silicon battery product", the company stated. Based on a 10C or 6-minute discharge test, NEO's cell retained 78.8% of capacity compared to 48% for its benchmark, it added.The company is in discussions across Ukraine, the U.S., South Korea, and Japan regarding the integration of these cells into active defense systems, said the company and added that serving a dual-use purpose, the FPV strike drone battery portfolio will be further distributed to drones for precision agriculture, security/inspection, and industrial logistics.The company's shares were last seen down $0.01 at $0.38 on the TSX Venture Exchange.Price: $0.38, Change: $-0.01, Percent Change: -2.56%

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