10:35 AM EST, 01/24/2025 (MT Newswires) -- NEO Battery Materials ( NBMFF ) , a low-cost silicon anode materials developer, rose 5% and hit 52 week highs on Friday as it entered into a definitive lease agreement with the City of Windsor, Ontario, securing eight acres of surplus lands at Windsor Airport, marking a "critical step" toward establishing Canada's first advanced silicon anode manufacturing facility.

NEO will lease 350,000 square feet to construct a commercial plant capable of producing 5,000 tons of silicon anodes annually and expects to invest about $120 million over the next eight years for future expansion of the Windsor facility and value-added projects.

The lease agreement has an initial term of 49 years and includes tax incentives and favourable lease terms compared to market rates. The Windsor City Council has approved, in principle, a grant for the company to support their establishment and operations through a Community Improvement Plan.

Shares were last seen up $0.05 or 5% at $1.05 in early morning trade on the TSX Venture Exchange, and have touched $1.10.

Price: 1.05, Change: +0.05, Percent Change: +5.00