Magnis Energy Technologies Ltd’s (ASX: MNS) recent successful capital raise, has provided bridging finance to iM3NY LLC for the benefit of its subsidiary Imperium 3 New York Inc as it progresses its long-term funding initiatives to increase annual plant capacity.
The bridging finance will assist with enhancing production efficiencies to meet customer demand as well as providing additional working capital as iM3NY finalises independent certification and its long-term funding plans.
If Magnis was to convert the bridging finance into equity (instead of it being repaid), the ownership level in LLC would increase materially above the current level of 62%, with a corresponding increase in the asset value of its holding in LLC.
Independent Certification
In order to meet customer orders, the cells produced must be certified to UN38.3, a United Nations standard applicable to Lithium batteries for safe transport.
The UN38.3 certification process continues with an additional independent certifier being retained in an endeavour to speed up the process to obtain certification in the near term.
About Magnis
Magnis Energy Technologies Ltd is a vertically integrated lithium-ion battery technology and materials company in the Lithium-ion battery supply chain. The company’s US based subsidiary Imperium3 New York, Inc (iM3NY) operates a Gigawatt scale Lithium-ion battery manufacturing plant in Endicott, New York.
Magnis together with its US based technology partner, C4V LLC has produced high-performance anode active materials for lithium-ion batteries utilising Magnis’ high purity graphite feedstock from their Nachu Graphite project in Tanzania. The company’s vision is to enable, support and accelerate the mass adoption of Electric Mobility and Renewable Energy Storage critical for the green energy transition.
