11:46 AM EDT, 10/21/2024 (MT Newswires) -- NEO Battery Materials ( NBMFF ) on Monday said it signed a Letter of Intent with its collaborating partner Lotus Energy Recycling to form a joint venture focused on recycling end-of-life photovoltaic (PV) cells and solar panels in North America.

The company said recovering valuable silicon materials for the lithium-ion battery supply chain will be a key emphasis of the project.

The planned JV, which aims to leverage Lotus' proprietary recycling know-how and NEO's expertise in silicon anode manufacturing, will establish physical operations in Canada to collect, dismantle, and recycle end-of-life PV cells and solar panels. Key priorities are optimizing the recovered silicon for battery applications and improving recycling process operations.

JV activities are expected to start soon after a definitive agreement is reached between both parties.

Neo Battery shares were last seen up $0.05 to $0.52 on the TSX Venture Exchange.

Price: 0.52, Change: +0.05, Percent Change: +10.64