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15/02/24
13:26
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Originally posted by Cosmoterios:
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Once again. I will repeat. MNS directors or nominees have to be on the board of IM3NY, to influence that decision: to replace C4V technology with something else. And the only way they can get back on board IM3NY, is to buy out (refinance) the USD $100M. These lenders simply want their money back - plus interest if they can get it. So how is MNS going to find AUD $150M (100/0.65)??? Plus $$$$$$ to re-engineer the plant to produce "generic:' Li batteries??? Is MNS going to raise capital at 1 cents each to raise AUS $150M??? If that is the case, then every shareholder would be diluted to oblivion. Is MNS going to borrow AUD $150M? What security does it offer to borrow AUD $150M??? Its the plant in NYK - that it has been written off, and $500k cash in the bank!!! On the best case scenario, you can argue they can offer the plant as security - which is NOT operating to specifications, and will require many millions to re-engineer it to make it operational. Is that enough Security for the Banks/Institutions??? No way. Then, who will they supply batteries to, when they don't have any OFFTAKE deals anymore??
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And the final nail for that coffin is the commercial viability of battery. Currently the giant plant (CATL, BYD,..) making cells at $60-80/kW. If MNS can't do that with the plant (im3NY was estimated to make $150/kW cell in interview with FP), forget about the rest. Get out while you can.