Senate Majority Leader Schumer urging DOE to approve $700 million loan to IM3NY, page-13

Good read below

https://www.binghamtonhomepage.com/news/im3ny-seeks-700-million-loan-from-feds/

Clip is very interesting too!



Some highlights:

1. The gigafactory is currently creating enough batteries to produce 1.8 gigawatts of energy storage per year.

2. The batteries, which are still undergoing product certification, are intended initially for use in larger commercial vehicles and home energy storage.

3. As iM3 develops those markets, Upreti says the company will consider expanding into passenger EV’s and larger scale energy storage usage for offshore wind or large solar arrays.

4. The new 2 million square foot gigafactory would be built in the portion of the Huron Campus at the northeast corner of North and McKinley where property owner Phoenix Investors plans to demolish dilapidated IBM factory buildings.

5. Chief Financial Officer Mayank Sharma says the overall cost is roughly $1.2 billion with the remaining funding coming from banks and private equity investors.

6. “Being in an industry where the product is in high demand but short in supply, we are in conversations with different customers for well over $2 billion in potential orders.”

6. Upreti (C4V founder) says that once the new gigafactory is built, the existing smaller one would be converted into a Giga Lab, where new processes and advancements could be tested.