Magnis has acquired another slice of the iM3NY Battery Plant. Pic: via Getty Images
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Lithium-ion battery producer Magnis now has more skin in the game after increasing its interest in the iM3NY Battery Plant up from 61% to 73% by converting a Bridging Finance facility it had provided.
This comes amidst the imminent entry of the plant into commercial field trial sales from production batches in the current quarter following the recent receipt of UN38.3 certification, which allows the batteries to be transported within the US and internationally.
Given this development, Magnis Energy Technologies (ASX:MNS) had opted for a bigger stake in the plant in New York State rather than seeking repayment of the bridging finance.
“The iM3NY Battery Plant offers an unparalleled and unique opportunity with much thanks to Magnis’ foresight to have cell manufacturing infrastructure in place to leverage additional synergies,” iM3NY chairman Dr Shailesh Upreti noted.
The company added that potential strategic investors/partners continue to evaluate a possible investment in iM3NY.
Magnis claims that iM3NY, which is held in a joint venture with technology partners C4V, is one of the largest independent battery factories in the US with the capacity to produce 1 gigawatts of lithium-ion batteries per annum after further capital investment.
The iM3NY plant also has exclusive rights in the US to produce lithium-ion cells using proprietary cathode technology from C4V and has a primarily North American supply chain.
Meanwhile, customers such as Sukh Energy are poised to take delivery of batteries from the second half of 2023.
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.
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