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.