Magnis Resources (ASX:MNS)
has received funding from the New York state government to support its lithium-ion battery giga-factory based in upstate New York.
The New York consortium of Imperium3, which Magnis is a third owner of, will receive the funding to begin phase one of its factory development.
Production is expected to commence in the second half of 2019 and has a Capex of $130 million.
Details of the funding package is expected to be released by the New York government in the near future.
Securities in Magnus will remain in voluntary suspension until further details are announced.
Shares in Magnis Resources (ASX:MNS)
are currently at a halt and last traded at 42 cents a share.