- Battery producer Magnis Energy Technologies (MNS) announces that the final permit, aquifer permit, for iM3NY’s New York lithium-ion battery plant has been approved
- The project now has the aquifer permit, air permit and the environmental justice plan, allowing the plant for near term production
- The plant is fully funded to generate over one gigawatt-hour of high-grade lithium-ion battery cells per year, with production expected in early 2022
- On the market this afternoon, Magnis is up 5.33 per cent and is trading at 39.5 cents per share
Magnis Energy Technologies (MNS) has announced the final permit for its New York lithium-ion battery plant has been approved.
The approval, labelled aquifer permit, was approved by the Village of Endicott.
The plant is being operated by Imperium3 New York (iM3NY) and Magnis is a major shareholder in the company, holding a 50.86 per cent stake.
In 2018, iM3NY completed the purchase of the battery plant, which was then relocated to New York.
Earlier this year, the company produced its first full-sized lithium-ion battery cells from the New York plant.
The plant is fully funded to generate over one gigawatt-hour of high-grade lithium-ion battery cells per year, with production expected in early 2022.
Magnis said the project now has the aquifer permit, air permit and the environmental justice plan, allowing the plant for near term production.
Commenting on the permit is iM3NY CEO, Chaitanya Sharma.
“The is a very important day for iM3NY, it is a huge milestone after many months of hard work,” Mr Sharma said.
“We now have all permits in place for near term production. Semi-Automated production is on track for this quarter and we are putting in long hours to achieve this major milestone.”
On the market this afternoon, Magnis was up 5.33 per cent and is trading at 39.5 cents per share at 2:46 pm AEDT.