The company’s Korean subsidiary signed an investment agreement Tuesday with Jeonbuk State and the city of Gimje at its first factory in the Gimje Free Trade Zone.
Under the agreement, NEO Battery Materials Korea will invest the funds in stages through 2030 to expand manufacturing facilities and research and development infrastructure.
Once completed, the Gimje site will have annual production capacity of 1.5 gigawatt-hours of battery electrodes and 1 GWh of battery cells. The company plans to supply high-energy and high-power batteries to customers in North America, Europe and other global markets.
Canada-based NEO Battery Materials develops high-performance lithium-ion batteries using silicon-anode technology for drones, robotics, electric vehicles and energy storage systems.
The company has been expanding its presence in Gimje since securing a long-term lease for its first battery manufacturing facility in November 2025.
NEO Battery Materials began generating its first commercial revenue in fiscal 2026 and has started delivering drone battery cells and packs to South Korean defense drone manufacturers for testing and field validation. The company is also seeking to build a battery supply chain with reduced dependence on Chinese materials and components.
Jeonbuk State expects the investment to help develop Gimje into a battery industry hub covering the full process from research and development to mass production.
“This investment marks an important milestone in Jeonbuk’s emergence as a global center for the advanced battery industry,” Jeonbuk Gov. Lee Won-taek said.
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