iM3NY Update
Sydney, Jan 3, 2023 AEST (ABN Newswire) - Magnis Energy Technologies Ltd (
ASX:MNS) (U1P:FRA) (MNSEF:OTCMKTS) is pleased to provide an update from the iM3NY Lithium-ion Battery Plant located in Endicott, NY. Magnis has a direct and indirect interest of over 60%.
Qualification and Certification
Shortly after commercial production started an internal qualification process commenced to make sure cells being produced met specifications. This program was successful with cells now being produced awaiting certification.
Independent certifiers were appointed to complete the certification of cells being produced by iM3NY. Due to staffing resources by the certifier, there have been delays experienced. The process has commenced with final certification expected in the first half of the current quarter.
Once certification has been received, first revenues are expected to begin.
Funding
HSBC has been appointed to assist funding the huge expansion in the coming years to 38GWh. The process commenced in late November 2022 with feedback expected during the current quarter.
The process has yielded interest from investment groups, OEM's along with strategic investors.
About Magnis Energy Technologies Limited
Magnis Energy Technologies Limited (ASX:MNS) (OTCMKTS:MNSEF) (FRA:U1P) is involved in and has strategic investments in several aspects of the electrification supply chain including manufacturing of green credentialed lithium-ion battery cells, leading edge battery technology and high quality, high performance anode materials. The company's vision is to enable, support and accelerate the green energy transition critical for the adoption of Electric Mobility and Renewable Energy Storage.
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