NEO Battery Materials (TSXV:NBM) has selected its favoured contractor to develop its commercial plant in South Korea.

After its request for a quotation process, the company received three initial quotes from local contractors.

After internal analysis, planning, and extensive discussions among the management and commercialization engineering team, the company has selected the preferred contractor. The next phase involves commencing final negotiations to finalize estimate details, establish the construction timeline, manage material procurement, and address other relevant considerations.

The contractor will initiate various construction activities within three months after finalising the contract. These activities include site clearance, earth-bracing work, sleeve installation, conduit placement, joint wall construction, framework assembly, and foundation building.

The completion of the South Korean commercial plant is projected to be within the first half of 2024. After the construction phase, the commissioning and validation for mass production are scheduled to occur later in the same year.

The selected contractor has developed a comprehensive engineering system designed to provide a turn-key solution for constructing the commercial plant. With prior experience in advanced engineering plants for semiconductors, chemicals, and logistics systems, the contractor brings valuable expertise to the project.

Based out of Vancouver, BC Neo Battery Metals is focused on lithium-ion battery metals.

Neo Battery Metals (NBM) opened trading at $0.21 per share.