Magnis Resources to develop German gigafactory

Company News

by Kathy Skantzos

Magnis Resources (ASX:MNS) has signed a deal to develop a 30GWh lithium-ion battery gigafactory with integrated lithium-ion recycling plant in Germany.

It will be located in North Rhine Westphalia, Germany’s largest state and one of Europe’s biggest industrial clusters.

The agreement is supported by the North Rhine Westphalia government and has been signed in public-private partnership with WIN Emsher-Lippe.

WIN members include petroleum giant BP and other energy companies, as well as a number of financial institutions, government bodies and economic development entities.

Germany’s automotive industry is a major target market for the project, in addition to its leading renewable energy market.

Shares in Magnis Resources (ASX:MNS) are trading 1.82 per cent higher to 56 cents.

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