08:58 AM EDT, 07/26/2024 (MT Newswires) -- NEO Battery Materials ( NBMFF ) said on Friday that it is collaborating with Australia-based Lotus Energy Recycling to explore a potential North American joint venture in silicon recycling.

NEO said both companies plan to develop a silicon anode product to co-market directly to battery cell, electronics and automotive manufacturers. The joint venture intends to apply for government funding.

According to NEO, Lotus owns proprietary technology expertise to recover solar silicon cells from end-life solar photovoltaic cells.

NEO said Lotus is scaling up its technology in Melbourne and also plans to build facilities in Sydney and Germany.

"This newly added collaboration aligns perfectly with our strategic vision of sustainability, innovation, and supply chain resiliency," said Spencer Huh, NEO's president and CEO.

NEO's share price slumped 13% yesterday to $0.065 on the TSXV.