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Magnis Resources secures New York state funding for lithium-ion gigafactory

US$13.25 million funding for stage 1 of the gigafactory.
lithium batteries
Offtake discussions are nearing completion

Magnis Resources Ltd (ASX:MNS) has secured a funding package from the New York state government for its lithium-ion gigafactory to be located at Huron Campus in upstate New York.

The company owns one third of the global consortium, Imperium3 NY, which has received the US$13.25 million funding for stage 1 of the New York lithium-ion gigafactory.

Magnis’ share price surged 29.41% on Thursday, closing at $0.55.

Imperium3 NY is a consortium of companies consisting of Magnis, Charge CCCV (C4V), Boston Energy and Innovation, C&D Assembly and Primet Precision Materials.

A joint manufacturing establishment agreement was signed in May 2017 for a 15 GWh (gigawatt hours) lithium-ion battery plant.

The recent finalisation of the scoping study priced the capital costs for stage 1 at US$130 million with an expected first production date in the second half of 2019.

The first stage production will be at 3 GWh with a ramp up to 15 GWh.

Importantly, offtake discussions are nearing completion with demand coming from global groups including stationary storage and vehicle manufacturers.

Magnis’ Townsville lithium-ion gigafactory is also making progress, with Queensland Premier Annastacia Palaszczuk recently publicly expressing her support for the project.

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