This was nine month ago and all went quiet. No funding, No...

This was nine month ago and all went quiet. No funding, No binding agreement. No research teams conducting a study? But SP climbed from 28c in Dec to 35c in Feb. DYOR!


21 JANUARY 2019

The Government of India announcesinterest in building India’s first Lithium-ion Battery Gigafactory

• Announcement made by The Central Government of India’s Ministry of HeavyIndustries and Public Enterprises

• Bharat Heavy Electricals Limited (BHEL) and LIBCOIN in talks to build India’sfirst lithium-ion battery (LIB) gigafactory

• Magnis has a 20% non-dilutive ownership in LIBCOIN

• BHEL is a global energy powerhouse with its equipment accounting for 60% of

  India’s power generation

• Discussions being conducted with binding agreements expected to be signed inthe near future

• Project to be part of Prime Minister Modi’s “Make in India, for India” program

  Magnis Energy Technologies Limited (“Magnis”) wishes to draw attention to an announcement byThe Government of India’s Ministry of Heavy Industries and Public Enterprises, regarding BHEL beingin dialogue with LIBCOIN on the building of India’s first lithium-ion battery (LIB) Gigafactory beginningat 1GWh and scaling up to 30GWh. The announcement is attached at the conclusion of this release.

  LIBCOIN is a consortium made up of Magnis, Duggal Family Trust and Charge CCCV (“C4V”) and has avision to build large LIB gigafactories globally with the focus being on the Indian market. Magnis has a20% non-dilutive stake in LIBCOIN.

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The consortium plans to maintain a technical competitive advantage through existing and new uniqueIP, that will continue to deliver superior LIB cells by delivering vertically integrated global procurementcapability throughout the LIB Battery Supply Chain.

Indian Lithium-ion Battery Gigafactory

Over the last 12 months Magnis and its LIBCOIN partners have been working on the creation of India’sfirst LIB Gigafactory. The consortium agrees that India is going to be a significant market for LIBmanufacturing especially as it aligns with government policy including the “Make In India, for India”program.

The consortium has been in discussions with BHEL for approximately nine months and is the naturalchoice as a partner on the project as they are synonymous with power generation in India. BHEL is ahousehold name in India and carries a history of quality and expertise in the power sector and hassignificant requirements for LIBs in the short-term with those requirements growing exponentially inthe long-term.

Discussions are currently taking place with BHEL with details being ‘Commercial in Confidence’. Talksare also progressing with other potential owners and offtake partners mainly from the local automotivesector who are showing considerable interest.

LIBCOIN Chairman, Mr Rajan Duggal commented: “Our plan is to be the largest lithium-ion batterymanufacturer in India, and we aim to be the first mover in one of the world’s largest markets. Theinterest this project is generating especially in the Indian automobile sector is very exciting.”

Magnis Chairman, Mr Frank Poullas commented: “To have The Central Government of India make apress release is very encouraging for both Magnis and its partners. We see India as a key market andto potentially build one of the world’s largest gigafactories with a partner who possesses the skill andexpertise of BHEL is very exciting for Magnis.”

About BHEL

BHEL is a leading state-owned company with more than 50 years of experience, wherein TheGovernment of India is holding 63.06% of its equity. BHEL is an integrated power plant equipmentmanufacturer and one of the largest engineering and manufacturing organisation in India, catering tothe core infrastructure sectors of the Indian economy. The annual turnover of BHEL for the year 2017-18 was approximately US$4.1 Billion with over US$8 Billion in assets. BHEL’s highly skilled andcommitted employees amount to 37,500 in number.

BHEL has technology tie-ups with leading providers that include General Electric, Siemens, MetsoAutomation Inc and Kawasaki Heavy Industries Ltd.

For further information, please contact:

Frank Poullas

Chairman

Ph: +61 2 8397 9888www.magnis.com.au