Magnis Resources Announces US$13.25m Funding For New York’s First Lithium-Ion Battery Gigafactory

Magnis Resources Limited (ASX:MNS) is pleased to announce that Imperium3 NY, part of the global consortium, in which Magnis is a one third owner, has received funding totalling US$13.25m for Stage 1 production at the New York State Lithium-ion Gigafactory to be located at Huron Campus in Upper State New York.

The announcement was made earlier today by the Governor of New York Andrew Cuomo at a press conference held at the location of the New York Lithium-ion battery gigafactory, Huron Campus.

Magnis’ Chairman Frank Poullas commented: “Today’s announcement is a significant milestone for the New York consortium and more specifically for Magnis’ shareholders, as progress is made one step closer towards Lithium-ion battery production at the Huron Campus.”

“To have the support of the Governor Cuomo and his Government after an extensive due diligence process shows the true merits of this project. New York State accounts for approximately 10% of the GDP for the whole of the United States with an economy that has a larger GDP than countries including Australia and South Korea.”

“Through the consortium and partners, we have the technology, skills and resources to make New York’s first Lithium-ion Battery Gigafactory a huge success. We would like to thank the New York State Government for its ongoing support.”

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