Magnis Energy Technologies Limited (ASX: MNS) has acquired state-of-the-art machinery that allows iM3NY to produce lithium-ion batteries for all major markets
- Machinery acquired from lithium-ion cell manufacturer A123 Systems and is being relocated from Michigan to Huron Campus
- iM3NY now has the ability to produce 20 and 50amp hour cells to cover all major markets for lithium-ion batteries
- First production on track for late 2021
Magnis Energy Technologies Limited (ASX: MNS) is pleased to announce that Imperium3 New York (iM3NY) has acquired state-of-the-art machinery from lithium-ion cell manufacturer A123 Systems to reduce overall capex requirements while bringing forward production. Magnis has a direct and indirect holding of approximately 58% of iM3NY.
The new equipment includes formation lines, slurry making, coating, stacking machines, solvent recovery, and refining. The machinery will form part of a full assembly line enabling the company to further advance its technology while also expanding its production capabilities.
The purchase will enable iM3NY to further evolve its position as one of the new major players lithium-ion battery industry in the United States and internationally, as the industry continues growing exponentially and demand for products powered by lithium-ion batteries skyrockets.
The equipment was purchased from A123 Systems of Romulus, Michigan, and once installed at iM3NY’s Endicott facility, will function as its own production line. This line will allow for further cell development as well as the capacity to create samples and prototypes for existing and prospective customers.
Once fully operational, the new line will also support small-volume production for customers and gives the New York battery plant the ability to produce 20 and 50amp hour cells. This allows iM3NY to produce lithium-ion batteries for all major markets including Electric Vehicles, buses, trucks and bikes along with Energy Stationary Storage.
CEO of iM3NY Chaitanya Sharma commented: “The new equipment is of exceptional value to us as it will enhance critical learnings to advance technologies and help reduce the cost and time required to build our first gigawatt production line. We look forward to being a leading provider of American-made batteries for products both American-made and internationally produced and to becoming a valued member of the community in Endicott, NY.”
Magnis Chairman Frank Poullas commented: “Following Magnis Chairman Frank Poullas commented: our successful capital raising last week, the iM3NY team is busy in the development phase and beginning production in late 2021.”
This announcement has been authorised for release by the Board of Magnis Energy Technologies Limited (ACN 115 111 763).
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