Magnis Energy Technologies (ASX:MNS) reports it has enjoyed a productive year in 2022, achieving fully automated production of its Imperium3 New York LLC (iM3NY) lithium-ion (Li-ion) battery manufacturing facility located in Endicott, New York.
The Sydney-based Li-ion battery technology and materials company along with its technology partner, Charge CCCV LLC (C4V), started the production of lithium-ion batteries in 2022 using C4V’s technology, which was already been qualified and commercial ready.
Located in New York State, the ‘world-class’ iM3NY Li-ion battery manufacturing facility was stated to be fully funded to begin commercial production and scale up to 1.8GWh and was also stated to be North America’s largest home-grown factory in the global Li-ion battery cell manufacturing market.
Magnis Energy had eyes fixed on iM3NY Plant Production
By the end of March this year, the company delivered ‘significant’ results from the Extra Fast Charging (EFC) battery program at the Endicott Li-ion manufacturing facility in the US.
Results showed that after 1,020 cycles of 20-minute-charge and 20-minute-discharge on the 7Ah (Amp hour) commercial cells, the cells only lost 7% of the total capacity and successfully retained 93% total battery capacity.
The tests were performed at 90% DOD, which equated to 90% of the maximum energy being infused and withdrawn during charge and discharge cycles.
During mid-April, Magnis Energy’s subsidiary company, iM3NY completed a US$100 million, 3-year intellectual property-based financing partnership with Atlas Credit Partners and Aon.
The funds generated from this 3-year financing collaboration will be used to support iM3NY’s long-term growth plans by fast-tracking expansion and retiring any previous debt.
By the start of the June quarter, following a 6-month global search managed by executive search firm Korn Ferry, the company announced the appointment of David Taylor as its Chief Executive Officer (CEO).
By the start of the June quarter, following a 6-month global search managed by executive search firm Korn Ferry, the company announced the appointment of David Taylor as its Chief Executive Officer
It was also around this time the company decided to welcome 2 new Directors to the board, as well as Group General Counsel and a company Secretary.
To close off Q2, the company was graced with a visit by the Tanzanian Prime Minister and Ruangwa Member of Parliament (MP), Hon. Kassimu Majaliwa at its Nachu Graphite Project in south-eastern Tanzania.
It was during this time that the company constructed 59 houses in the Nachu Eco-village, as part of its Resettlement Action Program.
Magnis Energy embraced action-packed 2H 2022
In August, Magnis reported the commencement of commercial production at its iM3NY New York Li-ion Battery Plant and began to work towards scale up phase in order to increase the annual capacity to 38GWh by 2030.
The plant was expected to produce 15,000 cells per day as production was scaled up to annual production rate of 1.8GWh.
It was also during this quarter that the company returned additional ‘significant’ results from the ongoing EFC battery program.
Results demonstrated that following over 2,600 20-minute-charge and 20-minute-discharge cycles of the 7Ah commercial graded cells, the cells had only seen a 3% loss of initial cell capacity.
Magnis Energy Technology Chairman, Frank Poullas said at the time that these game-changing results were exciting for everyone involved.
By late September, the company announced its decision to deliver a Bankable Feasibility Study (BFS) for its Nachu Graphite Project, which confirmed the strong financial and technical viability of the tenement.
Also, during this quarter the company’s US traded OTC shares (OTC:MNSEF) were approved by the US Depository Trust Company for real-time electronic trading and settlement in USD, making it cheaper for US investors.
In tandem with continued workings and production at the iM3NY Battery Plant, the company continues to focus on providing much needed infrastructure for the local community at its Nachu Graphite Project in Tanzania.
The company will also continue to work towards its goal of achieving 38GWh of annual production from its iM3NY Battery Plant by 2030 in the new year as well.
