Magnis Resources Announces Production to Be Fast Tracked In New York With Acquisition

Magnis Resources Limited (ASX: MNS) announce that Imperium3 New York (IM3NY) placed the winning bid for the acquisition of near new Lithium-ion battery manufacturing equipment currently located in North Carolina, USA. Magnis has completed a successful A$5.0 million capital raising to fund its share of the purchase and to increase its stake in IM3NY to a percentage level that will be disclosed on the closing of the purchase.

The Lithium-ion battery plant assets consists of high quality new and near new equipment from major United States and European suppliers. Over US$200M was initially invested by the previous owners into the plant which was constructed and commenced full scale operations in 2016 and employed over 290 people. The liquidation sale of the equipment occurred as the previous manufacturers constrained production to bespoke lithium-ion batteries that had limited commercial appeal, while the facility itself was equipped to manufacture large volume batteries for the auto industry or power walls for home usage which are now growing in demand. The IM3NY team thoroughly reviewed the technology and confirmed the procured plant can easily and cost effectively be calibrated for such large volume manufacturing runs. As a result, the Imperium3 consortium is of the firm view that this is a low risk, cost-effective and value-accretive transaction.

The plant is currently housed in a facility in North Carolina and includes all operations from slurry making to coating to cell assembly, formation and testing and even includes module assembly and packing. The equipment will now be disconnected and packed for transport to Huron Campus in New York where it will be reassembled and re-engineered for battery production at a nominal 1GWh scale.


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