Magnis Resources Limited (ASX:MNS) provided an update on the Lithium-ion battery manufacturing plant planned for construction in Germany.
A Memorandum of Understanding (MOU) for the construction of a 30GWh lithium-ion battery plant was announced on 6 October 2017. The MOU was signed between Magnis and WIN for a plant based in North Rhine Westfalia, Germany.
The entity owning the German battery plant will be known as Listrom with Magnis holding a 45% stake.
In recent months, there has been significant progress made with government agencies in both Germany and Europe. Further to this, the consortium is pleased to advise that it has been included into the European Union Battery Alliance, the same group whose members include motoring leaders such as BMW, Daimler, Nissan and Peugeot-Citroen amongst others.
Meetings have taken place at both regional and federal governments levels in recent months with significant progress being made towards receiving strong support from all levels of government in Germany and more broadly across Europe.
The consortium has approved commencement of the first phase study, which entails seeking government support, project incentives, and the selection of a final project location, chosen from two potential sites.
The establishment of a supply chain cluster has also begun with discussions having commenced with a range of existing conglomerates in regional chemical clusters. The common goal has been to establish a major project stakeholder and additional strategic partnerships while obtaining funding to proceed to the next phase.
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