Magnis Energy delivers update on New York-based subsidiary iM3NY

Magnis Energy Technologies (ASX:MNS) has received orders from Sukh Energy, an existing iM3NY contracted customer for delivery later this year once the external certification to Standard UN38.3 is completed.

The company says the orders have been placed following the commencement of commercial cell production at the plant in August 2022, a process which involved internal qualification, as well as customer specifications. Following completion of these internal processes, independent certification commenced in late 2022.

Adding on, Magnis notes it has also successfully sold a small number of cells to existing and potential new customers in order to enable their internal qualification processes to be undertaken.

This range of customers include major and Tier 1 original-equipment manufacturers (OEMs) from both the electric vehicle and stationary energy storage sectors. The company reports this represents an important step in securing larger scale sales contracts with these parties in the future.

In addition, Magnis announces production of cells is currently ongoing, with cells being produced for Sukh Energy being stockpiled on site in order to ensure delivery can occur in a timely manner upon receipt of independent certification and confirmation orders, following the completion of the internal qualification processes of customers.

Meanwhile, the company reports that cells produced by iM3NY are continuing to be sampled by a range of existing and potentially new customers, which reinforces its view on positive market demand for the new cells.

Magnis Energy is an ASX-listed vertically integrated global player in the lithium-ion battery chain for electric vehicles and clean energy storage supply chain, with a vision of enabling, supporting, and accelerating the mass adoption of electric mobility and renewable energy storage critical for the green energy transition. The company’s US-based subsidiary Imperium3 New York currently operates a gigawatt scale lithium-ion battery manufacturing plant in Endicott, New York.

The company has also, in conjunction with battery technology partner C4V LLC, produced high-performance active anode materials for lithium-ion batteries utilising high purity graphite concentrate feedstock from its Nachu Graphite Project in Tanzania.

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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.