Magnis is taking the helm at its battery manufacturing subsidiary iM3NY. Pic: via Getty Images.
Magnis secures control of iM3NY’s board, appoints lithium battery veteran Wade Guindy as interim CEO
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- Magnis Energy Technologies secures control of iM3NY’s board with appointment of its third director
- Company has also made management changes at its battery manufacturing subsidiary
- Highly experienced lithium-ion battery executive Wade Guindy appointed as iM3NY’s interim CEO
Special Report: Magnis Energy Technologies has secured control of the board of its subsidiary iM3NY with the appointment of Giles Gunesekera as its third director and Wade Guindy as interim chief executive officer.
The company has a ~73% interest in iM3NY, which is ramping up a battery plant in New York state that is designed with the capacity to produce 1.8 gigawatts of lithium-ion batteries per annum.
The iM3NY plant also has exclusive rights in the US to produce lithium-ion cells using proprietary cathode technology sourced from partner C4V and has a primarily North American supply chain, which allows it to benefit from the US Inflation Reduction Act.
Magnis Energy Technologies (ASX:MNS) already has six offtake agreements in place with three of them – with Martac, EGYAI and Sukh Energy – recently renewed with extension of their terms out to 2028.
iM3NY is also collaborating with GTI Fabrication for the design and development of battery energy storage systems, which will advance its strategy of providing energy storage solutions to customers.
Additionally, has received confirmation from New York state-sponsored business development initiative Empire State Development that it meets the requirements to receive an initial grant of US$2m, which could be the first instalment of a previously announced grant of up to US$13.25m.
Board control
With the appointment of Giles Gunesekera as its third director, joining Claire Bibby and Frank Poullas, MNS has now secured control of iM3NY’s board.
The other two directors are Shailesh Upreti and Mike Driscoll from technology partner C4V.
This move has allowed the company to make several management changes including the appointment of Wade Guindy as iM3NY’s interim chief executive officer.
Guindy has 35 years’ experience in C-Suite and executive management, operations, engineering, R&D and product development in the lithium-ion battery industry both in Europe and North America.
He also has deep technical operations experience and a proven capability of developing technology and products from concept stage through to commercialisation.
Guindy is no stranger to developing strategic business direction and building organisations dedicated to supporting business goals and objectives as well as managing customer relationships, international suppliers, partners, and investor relations gained in established corporate management structures as well as early-stage technology start-up.
Adding interest, he has 10 patents in lithium-ion battery technology.
Guindy was previously the president and group chief operating officer for Younicos, a leading storage integrator in Germany, where he was responsible for integrating a US based battery manufacturer (Xtreme power).
He was also president of GSW International and president and chief executive officer of Quantum3D Technology.
Other roles included serving as executive vice president of research, development and manufacturing for Solicore Technology, where he was responsible for scaling up and commercialising the company’s solid-state electrolyte battery system.
This article was developed in collaboration with Magnis Energy Technologies, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
