Neo Performance Materials Inc (TSE:NEO) has released an update.
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Neo Performance Materials Inc. has secured a US$50 million credit facility from Export Development Canada to support the construction of a sintered magnets manufacturing facility in Estonia. The facility, expected to be completed in 2025, aims to produce 2,000 metric tons per year and cater to the demand for electric vehicle motors and wind turbines. This strategic move aligns with Neo’s plan to expand its presence in the European and North American markets.
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