Magnis Resources Limited (ASX:MNS) says the New York State Government is supporting a Lithium-ion Gigafactory to be built the state.
The graphite producer signed a Joint Manufacturing Establishment Agreement, with several other companies for Lithium-ion batteries to be manufactured in New York.
Magnis Resources says the development of the new 15 Gigawatt hour (GWh) Lithium-ion battery manufacturing plant will be fast tracked as the consortium will use existing facilities and infrastructure.
The consortium includes Charge CCCV (C4V), Boston Energy and Innovation (BEI), C&D Assembly and Primet Precision Materials.
The parties will use global experts to manufacture the batteries for electric vehicles, heavy electric vehicles and energy storage systems.
Share in Magnis Resources Limited (ASX:MNS) are currently trading 2.54% higher at 60.5