Join our daily newsletter At The Bell to receive exclusive market insights
- Magnis Energy Technologies (MNS) partner Charge CCCV signs an agreement with electric vehicle manufacturer Omega Seiki
- The five-year deal beginning will see Charge supply its lithium-ion batteries to the three-wheel producer with initial fulfilment coming from the iM3NY plant
- All up, MNS says the volumes will exceed 1.1GWh over the period of the contract with a dollar value of over US$160 Million (A$218.93 million)
- MNS also advises there may be a delay in its planned OTC Markets listing in the US due to a backlog of applications
- Shares in Magnis Energy Technologies are up 5.07 per5 cent at 36.3 cents each
Magnis Energy Technologies (MNS) partner Charge CCCV has signed an agreement with electric vehicle manufacturer Omega Seiki.
Charge, Magnis and Boston Energy and Innovation all have stakes in the iM3NY Lithium-ion Battery Plant in New York.
Under this latest five-year deal, which begins in 2022, Charge will supply its lithium-ion batteries to the three-wheeler producer in India.
Magnis noted in today’s announcement that the initial fulfilment would come from the iM3NY plant, which it owns 50.86 per cent.
All up, MNS said the volumes would exceed 1.1GWh over the period of the contract with a dollar value of over US$160 Million (A$218.93 million).
Managing Director of Omega Seiki Mobility Deb Mukherji said the company was pleased to sign on.
“With sustainability at the heart of our strategy and an increasingly important requirement for our customers and consumers, we are delighted to be working with our partners to deliver the best technology via our products to the market,” Mr Mukherji said.
“The cutting-edge lithium batteries of Charge will not only provide a solution to range anxiety but will also be value for money to our customers due to their long life and reliability.”
Along with the deal announcement, Magnis also revealed on Wednesday that it was expecting delays in its planned US OTC Markets listing.
The company said there had been a spike in the number of applications received. resulting in a slight delay to its listing.
Shares in Magnis Energy Technologies were up 5.07 per cent at 36.3 cents each during midday trade.
