M3NY Set to Produce Lithium-ion batteries without Nickel and Cobalt in June

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Thu, 10 March 2022, 3:31 pm·2-min read

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Magnis Energy Technologies Limited

iM3NY Set to Produce Lithium-ion batteries without Nickel and Cobalt in June

New York, United States, Mar 10, 2022 - (ABN Newswire) - Imperium3 New York Inc (iM3NY) which is 60% owned by Australian listed company Magnis Energy Technologies Limited (ASX:MNS) (HAM:U1P) (OTCMKTS:MNSEF) is set to begin production of its lithium-ion battery cells in June this year. Importantly, the batteries produced will not contain cobalt or nickel, two battery metals which have experienced extraordinary price increases in the last weeks due to significant geopolitical risks.

Nickel prices have risen from $20,000 per tonne to over $100,000 per tonne in the last month while Cobalt prices are now approaching $85,000 per tonne. Such price increases to both these battery metals will translate in to a price hike of over $1,000 per electric vehicle.

As sanctions between the west and Russia intensify and the need to reduce dependency on China in the battery supply chain, the non-china supply chain built over the last 7 years could be the most significant piece in iM3NY's production.

When asked about interest in his batteries, iM3NY Chairman Dr Shailesh Upreti commented "We are constantly having groups reaching out to us for supply of our batteries, these groups include some of the biggest EV manufacturers globally. They are realising the importance of a non-china supply chain along with a nickel and cobalt free battery."

iM3NY plans to scale up to 38GWh capacity in the coming years and have been receiving high praise for their "Made in America" batteries with U.S. Senator Kirsten Gillibrand making positive comments on the project following her recent visit to Binghamton University.

When asked about conversations with various Electric Vehicle manufacturers such as Tesla, Upreti wouldn't comment specifically but said "Demand for our batteries has never been stronger".