Lithium-ion battery technology and materials company Magnis Energy Technologies (ASX:MNS) reports it has succeeded with an internal qualification process for batteries produced at the iM3NY lithium-ion battery plant in Endicott, New York.
The company says this process commenced shortly after commercial production started to ensure the cells being produced met specifications. It notes this program was ‘successful’ with cells currently being produced awaiting certification.
Magnis reports independent certifiers were appointed to complete the certification of cells being produced by iM3NY. It also states there has been a delay in the process due to staffing resources by the certifier.
However, this process has commenced with final certification expected in the first half of the current quarter. Once certification has been received, the company expects first revenues to begin.
HSBC has been appointed to assist in funding the ‘large’ expansion in the coming years to 38 gigawatts
Magnis also reports HSBC has been appointed to assist in funding the ‘large’ expansion in the coming years to 38 gigawatts. The company states the process commenced in late November last year with feedback expected during the current quarter.
It also states the process has yielded interest from investment groups, OEM’s and strategic investors.
Magnis Energy Technologies is a vertically integrated lithium-ion battery technology and materials company with strategic assets, investments and partnerships in several aspects of the electrification supply chain.
The company’s US-based subsidiary Imperium3 New York (iM3NY) operates a gigawatt scale lithium-ion battery manufacturing plant in Endicott, New York.
Magnis, along with its joint venture and technology partner Charge CCCV are the major shareholders in iM3NY, with Magnis holding over 60% interest.
iM3NY has commercialised Charge CCCV’s patented cathode technology to produce ‘green-credentialed’ lithium-ion battery cells using resources from Magnis’ Nachu Graphite Project in Tanzania.
The company’s vision is to enable, support, and accelerate the mass adoption of electric mobility and renewable energy storage which it states is ‘critical’ for the green energy transition.
Images: Magnis Energy Technologies Ltd
