Magnis JV in talks with Indian government to build lithium-ion gigafactory
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Graphite explorer and aspiring electric vehicle battery maker Magnis is set to benefit from talks to build India’s first lithium-ion battery gigafactory.
Magnis owns 20 per cent of LIBCOIN, which is in early-stage talks with state-run energy powerhouse Bharat Heavy Electricals (BHEL) and the Indian government to build a lithium-ion battery gigafactory, starting at 1GWh and scaling up to 30GWh.
Talks are also progressing with other potential owners and offtake partners, mainly local car makers, “who are showing considerable interest”.
The Magnis share price — which has ranged between 25.5c and 52c over the past 12 months — improved by over 6 per cent to 34c in early trade.
LIBCOIN wants to be India’s largest lithium-ion battery maker and aims to get first mover advantage in one of the world’s largest markets, chairman Rajan Duggal said.
“The interest this project is generating, especially in the Indian automobile sector, is very exciting,” he said.
So many pies
Magnis is also part of an international consortium called Imperium3, which is developing a $2 billion 15GWh gigafactory in Townsville.
It’s one of three large scale gigafactories Imperium3 has in the works, with its 15GWh New York location the most advanced.
Imperium3 says 15GWh of production will equal 250,000 electric vehicle (EV) batteries, or 1 million home batteries each year.
The Townsville facility will produce either EV batteries, home storage battery units, micro grids to power small towns, or a combination thereof. First production is expected by 2021.
And it has its own advanced graphite project in Tanzania.
With batteries requiring roughly twice the amount of graphite than lithium, vertically integrating this graphite project into the battery plant “will give us some significant upside”, Magnis’ Travis Peluso recently told Stockhead.
“That’s when we start to make up some serious ground on some other groups internationally.”