Magnis Resources to co-build Lithium-ion Gigafactory in NY

Company News

by Jessica Amir

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  

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.