11:10 AM EDT, 08/18/2025 (MT Newswires) -- NEO Battery Materials ( NBMFF ) on Monday said it began a new development program for high-performance lithium-ion batteries targeting the drone and unmanned aerial vehicle (UAV) industry.

Two battery solutions will be designed and commercialized and both products are expected to offer performance levels exceeding conventional drone batteries while maintaining low costs, a statement said.

"[T]here is clear diversification away from the dependence on Chinese-sourced batteries in critical drone systems in defence. NEO's battery development initiative will provide a timely, domestically sourced option that offers both performance advantages and supply chain security," said Chief Executive Spencer Huh. "To enter the high-performance drone battery market, we will first target local Korean manufacturers and partner with U.S. firms to secure government grants provided by the Department of Defence and the Department of Homeland Security."

The company's shares were last seen down $0.015 to $0.44 on the TSX Venture Exchange.

Price: 0.45, Change: -0.01, Percent Change: -1.10