Magnis signed a Firm Off-take Agreement with a Tier1 EV manufacturer

Off-take agreement with Tier-1 Manufacturer
Magnis signed a Firm Off-take Agreement with a Tier
1 EV manufacturer, ensuring the supply of Advanced
Anode Material (AAM) commencing in February
2025 at a fxed price. As part of this agreement,
this manufacturer commits to procuring a minimum
of 17,500 tons per annum (tpa) of AAM, starting
from February 2025, with the fexibility to acquire
up to 35,000 tpa. This contractual commitment
spans a minimum duration of three years, all while
maintaining a fxed pricing structure.
The fulfllment of this agreement is contingent upon
several key milestones. These include Magnis
securing a fnal location for its commercial AAM
facility before June 30, 2023 (which Magnis has
met, see below), successful AAM production from the demonstration plant by March 31, 2024, the initiation
of production from the commercial AAM facility by February 1, 2025, and satisfying the necessary customer
qualifcation requirements, these dates are capable of being varied by up to 12 months by agreement.