Lithium battery maker Magnis signs $74 million sales deal with US govt supplier

Australian lithium-ion battery producer Magnis Energy Technologies announced yesterday that its unit in New York secured an additional binding sales agreement with a US government supplier.

Imperium3 New York (iM3NY) – Magnis’ energy storage systems unit – signed a US$74 million sales deal for a period of four years, taking the total binding deals to $729 million. Discussions with other potential customers are ongoing.

The binding orders secured so far are mostly used in energy stationary storage products along with transportation applications, the company said in May, when it announced the annual capacity expansion of its New York plant to 1.8GWh.

Magnis lists three core focus areas which provide it with a strategic advantage: battery technologies, gigafactories and graphite. The company holds 100% ownership of a graphite project in Tanzania, along with its investments in battery plants in Australia and the US.

On Tuesday, Magnis obtained $14.7 million from two US-based investors to fund its expansion in the lithium-ion battery industry. The company said around $9.6 million of the funds would be channelled into iM3NY’s potential listing on either the Nasdaq or the New York Stock Exchange.

Another part of the investment, provided by Lind Partners and SBC Global Investment, would be used to undertake work at the Nachu graphite project in Tanzania and the Townsville battery plant in Queensland.

@RGNonline