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Be the first with the news that moves the market- Magnis Energy Technologies (MNS) is set to up annual capacity at its subdidiary's New York battery plant after integrating new machinery
- The new equipment acquired by MNS' subsidiary, Imperium3 New York (iM3NY), is hoped to bring its total annual potential at the plant to 1.8 gigawatt hours
- It comes after the company received a A$110 million cash injection in secured loans and separate equity funding from Magnis Energy
- In addition, Magnis has managed to secure minimum offtake sales of US$655 million (about A$848 million), which are set to be mostly used in energy stationary storage products as well as transport applications
- Magnis Energy Technologies shares are up 4 per cent following the announcement, trading at 39 cents
Magnis Energy Technologies (MNS) is set to up annual capacity at its subsidiary's New York battery plant after integrating new machinery.
The new equipment was acquired MNS' subsidiary, Imperium3 New York (iM3NY), and is set to support an incremental annual production rate of up to 0.6 gigawatt hours, bringing its total annual potential to 1.8 gigawatt hours.
The machinery was acquired by from a plant previously operated by A123 systems in Michigan.
It comes after the subsidiary received a funding package to the tune of US$85 million (approximately A$110 million) in April, which consisted of a senior-term secured loan and US$23.6 million (roughly A$30.5 million) in equity funding from MNS.
The additional equipment will be integrated into the existing production line currently being set up by iM3NY with the aim of increasing production capacity and expanding flexibility to manufacture different cell designs.
In addition, Magnis has managed to secure minimum offtake sales of US$655 million (about A$848 million), which will be mostly used in energy stationary storage products as well as transport applications.
iM3NY Chief Executive Officer Chaitanya Sharma said the company was working round the clock to fast-track production.
Magnis Energy Technologies shares are up 4 per cent following the announcement, trading at 39 cents at 12:17 pm AEST.
