Imperium3 New York (iM3NY), a subsidiary of Magnis Energy Technologies
(ASX:MNS), has received AU$100 million in funding to fast track production at its lithium-ion battery plant in Endicott, New York. The project is now fully funded for gigawatt production.
The funding includes a US$50 million senior-secured term loan from Riverstone Credit Partners and US$35 million of equity funding, of which over US$23.6 million is from Magnis.
Magnis now has an interest in iM3NY of approximately 63 per cent following the investment.
Magnis Chairman Frank Poullas comments: "Today's announcement is a culmination of over 2 years of work...We believe the lithium-ion battery market is set to grow exponentially in the United States and we are in a great position to take advantage of this growth... With aggressive future expansion plans all the way to 326GWh of annual production, iM3NY is currently investigating a potential US listing."
Shares in Magnis Energy Technologies
(ASX:MNS) are trading 2.4 per cent higher at $0.44.
