- Magnis Energy Technologies (MNS) has announced its subsidiary, iM3NY, has completed detailed engineering and facility pre-work at its New York Battery Plant
- The New York Battery Plant is one of three planned lithium ion battery manufacturing facilities to service the global energy market
- The parties have received letters of intent from three financiers who are interested in the project
- Unfortunately, COVID-19 has caused delays to funding closure
- To provide iM3NY with extra capital, a non-essential nickel foam portion of the facility was sold for $500,000
- Magnis is up 4.62 per cent and shares are trading for 6.8 cents each
Magnis Energy Technologies (MNS) has announced that iM3NY has recently completed major milestones relating to its New York Battery Plant.
The New York Battery Plant is one of three planned lithium-ion battery manufacturing plants aimed at servicing the global energy market.
Another facility is under development in Townsville, Australia, and a third is planned to be established in the Middle East region.
Magnis is the majority shareholder in iM3NY, with a 53.39 per cent ownership gained in March this year.
Over the past six months, major reports were completed to refine project works, schedules and costs for due diligence by three prospective investors. All three groups have provided iM3NY with non-binding agreements and a letter of intent to showcase their serious interest.
Dutch Engineering giant, Ramboll Group oversaw detailed engineering work and a large independent consulting firm was hired by a potential investor to complete the financial, technical and business due diligence for iM3NY.
“Whilst delays have been experienced due to COVID-19, the emerging thematic of national security through domestic manufacture has generated new interest for government and investment community,” Magnis Chairman Frank Poullas said.
Additionally, the company sold a portion of the nickel foam system, which has been deemed non-essential for the battery plant, for $500,000 to provide iM3NY with extra working capital.
Magnis is up 4.62 per cent and shares are trading for 6.8 cents each at 10:35 am AEST.