Ann: New York Lithium-ion Battery Plant Update, page-3

Great progress. Looking forward to the next quarter leading up to full automation

“Potential Customer Evaluation Programs Semi-automated production started at the end of December with batches of full-sized cells produced. Cells have been provided to potential customers and feedback to date has been very positive as these customers continue to evaluate the product. It is expected that during the next quarter that further binding sales agreements will be executed.”

“iM3NY CEO Chaitanya Sharma commented: “We are working around the clock to meet our target which is on track to begin fully automated production in the next quarter.”“Potential customers and investors are coming in every week and discussions keep progressing.” “

“Magnis Chairman Frank Poullas commented: “The shortage of cells in the marketplace continues to grow coupled with the increases in nickel and cobalt prices, timing could not be better for production in 2022.” “