Magnis Resources (ASX:MNS) has been granted $3.1 million from the Queensland government to support its feasibility study for the Townsville Lithium-ion battery gigafactory.
The study will support the $2 billion 15 gigawatt per hour battery factory in Townsville which could support up to 7,000 jobs.
The plant would have the capacity to produce up to 250,000 electric vehicle batteries or one million home battery units for solar power each year.
Magnis is a one-third owner in the plant, along with Imperium3, Eastman Kodak Company and C&D Assembly.
The grant is conditional upon re-election of the government.
Shares in Magnis Resources (ASX:MNS) closed 10.31 per cent higher to 53.5 cents a share.