- Magnis Energy Technologies (MNS) has increased its shareholding in the iM3 New York Battery Plant to 53.39 per cent
- The emerging graphite producer has done so by acquiring Boston Energy and Innovation’s (BEI) and Boston Opportunities’ entire holdings in Imperium 3 New York
- Imperium 3 is a global technology company that has planned three strategic locations to set up lithium-ion battery facilities
- Magnis will pay US$350,000 by June 30 to acquire BEI’s interest
- It will also be required to pay an extra US$150,000 subject to the New York entity securing funding or a joint venture agreement
- Among the other shareholders in Imperium 3 New York is Charge CCCV, Primet Precision Materials and C&D Assembly
- Magnis’ shares have taken a 17.1 per cent dive and are trading for 5.8 cents each
Magnis Energy Technologies (MNS) has increased its shareholding in the iM3 New York Battery Plant.
The emerging graphite producer has done so following an investment made into the project and the signing of an agreement to acquire Boston Energy and Innovation’s (BEI) entire shareholding in Imperium 3 New York (iM3NY).
Under the transaction terms, Magnis has acquired BEI’s entire holdings in iM3NY as well as Boston Opportunities interest in iM3NY. Boston Opportunities No.1 is a subsidiary of BEI.
Magnis will need to pay BEI US$350,000 (approx. A$568,638) for the shareholding by June 30 2020.
An additional US$150,000 (approx. A$243.662) bonus payment is to be paid to BEI subject to iM3NY successfully securing project finance or a joint venture agreement for the iM3 New York Battery Plant, within a twelve month period.
Once the transaction is completed, Magnis will hold a 53.39 per cent direct interest in iM3NY. Knowledge company Charge CCCV (C4V) will have a 45.17 per cent interest, with Primet Precision Materials and C&D Assembly being the remaining holders.
Magnis remains a 10 per cent shareholder of C4V and, following the transaction, its ownership in iM3NY will be 57.91 per cent on a direct and indirect basis.
“We are committed to seeing the New York project through to production,” Magnis Chairman Frank Poullas said.
“Recent news events have highlighted the current shortage of Lithium-ion cells in the marketplace and we have an opportunity to take advantage of this situation,” he added.
Additionally, Magnis has a one third interest in the Imperium 3 Townsville entity that owns the planned Townsville lithium-ion battery plant. The company shares the ownership with BEI and C4V.
The Townsville Battery Manufacturing Feasibility Study was submitted to the Queensland Government in late 2019 and the next stage is finding suitable project funding.
Imperium 3 has planned three 15 gigawatt hours lithium ion battery manufacturing plants to service the global energy market. New York, Townsville and the Middle East have been the chosen locations.
Magnis’ shares have taken a 17.1 per cent dive and are trading for 5.8 cents each at 3:16 pm AEDT.