11:08 AM EDT, 10/07/2024 (MT Newswires) -- NEO Battery Materials ( NBMFF ) was last seen up 37% after the company on Monday said it reached a Joint Development Agreement (JDA) with a Fortune Global 500, multinational chemical materials company.

The two parties will jointly develop and enhance silicon battery anode materials with advanced chemical coatings and methods. The coatings will improve silicon's structural durability and limit undesirable reactions that decrease battery capacity during use, the statement said. Both parties intend to commercialize the jointly enhanced silicon anodes for lithium-ion batteries used by electric vehicles.

"We are deeply pleased to announce this major business milestone of signing NEO's first JDA with a well-respected, global chemicals company. With multi-billions in annual recurring revenue, the JDA Partner has deep experience in the chemicals space and operates in over 50 countries with over 40,000 employees," chief executive Spencer Huh noted. " ... Synergies with our JDA Partner are expected to generate unmatched battery performance compared to state-of-the-art products."

Neo shares were last seen up $0.115 to $0.43 on the TSX Venture Exchange.

Price: 0.44, Change: +0.12, Percent Change: +38.10