Magnis Resources Announces Regarding Progress to Date at New York Gigafactory

Magnis Resources Limited advised that Imperium3 New York (iM3NY) has made significant progress on start-up activities for its New York Gigafactory project whereby Magnis has an overall 43% direct and indirect shareholding through the IM3 Global Consortium.

Co-ordinated mobilisation efforts toward the disassembly, packaging and shipment of recently acquired equipment from a manufacturing plant located in North Carolina to the iM3NY facility at Huron Campus, the birthplace and former headquarters of IBM in Endicott, New York are well progressed. The Company advised that these works programmes are all on-target and progressing according to plan.

Further, the development of design specifications for prismatic cells and related manufacturing processes are well underway at C4V’s Development Centre at the State University of New York in Binghamton. Magnis looks forward to updating shareholders on these processes as developments materialise.

Details of the mobilization

The mobilisation process began in North Carolina in April of this year and is on track for completion by the end of July. All equipment is expected to be delivered by early August to the iM3NY facility in the Huron Campus Facility. Currently there are 2-3 truckloads arriving daily in New York.

Magnis Chairman, Frank Poullas, said: “We are thrilled to be witnessing the significant progress generated by the Imperium3 New York team.”

“Within only a few weeks of our acquisition, not only have we secured a highly experienced and talented senior team, but also made multiple inroads through C4V’s scientists and engineers on the design and process side of the project. Knowing we have this cadre of talent hard at work on this very important project is indeed reassuring.”

“As we continue to drive our project at Huron Campus continues towards production, we look forward to updating the market on these developments and in turn, delivering value for consortium members and shareholders alike.”


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