Recently acquired equipment evaluated with annual production expanded to 1.8 GWh.
Machinery was acquired from a plant previously operated by A123 Systems in Michigan.
Estimated minimum offtake sales of US$655 million have now been secured.
Magnis partner, Charge CCCV, LLC., to supply battery for US Government project.
Magnis completes oversubscribed A$34 million placement.
IM3NY acquires machinery from lithium-ion cell manufacturer.
Battery experts hired to lead production at NY battery plant.
New directors appointed to the Magnis Board.
Magnis undertakes various activities relating to advancing the Nachu project towards development.
iM3NY has received US$85 Million [A$110 Million] and is fully funded for Gigawatt scale production.
US$50 Million Senior Secured Term Loan received from energy focused Private Credit Fund, Riverstone Credit Partners LP.
Magnis invests over US$23.6 Million in equity and now has a direct and indirect interest in iM3NY of approximately 63%.
Funding will be used to fast-track production at gigawatt scale.
Tesla‘s first engineer at the Tesla Gigafactory in Nevada, Chaitanya Sharma hired as Chief Executive Officer [CEO].
Former Vice President [VP] of Duracell USA, Bill Shannon appointed as Chief Operating Officer [COO].
Former CEO of Glypath Systems Mike DriscoII appointed as Chief Financial Officer [CFO].
Former VP of Business Development at Duracell Paul Stratton appointed as Senior VP Sales and Marketing.
Former Director at Applied Materials Dr. Priyadarshi Panda appointed as VP of Engineering.
Former Engineering Lead at Phoenix Systems / LAM Research Dr. Brandon Jordan-Thaden appointed as Senior Director of Engineering.
First production on track for late 2021.
Initial successful results in Fast Charging [FC] battery program using commercial optimised multilayer 1.6 Ah pouch cells.
After 600 cycles over 93% capacity retention with 30 min charge and 30 min discharge.
Tests have begun with Extra Fast Charging [EFC] to deliver >85% charge in 6 minutes.
Cells to be delivered within the week for NYSERDA funded project on EFC batteries in Electric Buses.
$34 million placement to local and overseas institutional and sophisticated investors.
Funds to be used to fast-track production at the iM3NY Battery Plant in Endicott, New York.
iM3NY to be one of the largest lithium-ion cell manufacturers in the United States.
iM3NY has sourced debt and equity arrangements with completion anticipated in the current quarter.
Charge CCCV [C4V] selected in United States Department of Energy Project focused on solar powered hybrid system for grid stabilisation.
The project is led by Binghamton University and includes parties like New York Power Authority and National Renewable Energy Laboratory.
C4V to provide lithium-ion battery for the project.
Extra Fast Charge ["EFC"] test results for EV batteries developed by Magnis Partner, C4V, yielded a potential game changer for EV manufacturers.
Following the ongoing success of EFC results using unoptimized cells, for the next qualification phase, battery cells optimised for very fast charge will be used.
Demonstration program in New York commenced for a Public Transit Technology and Innovation Program funded by the NYSERDA, with a proposal to develop EFC system utilising extended-life batteries provided by C4V.
Abt Associates report highlights batteries to be produced by iM3NY will be the greenest in the market.
New York Battery Plant financing discussions progress.
The announcement on 4 September 2020 of a $7.65 million capital raising via a placement of 45,000,000 ordinary shares at 17 cents per share to new local and overseas institutional investors, new sophisticated investors and existing shareholders.
Queensland State Government approves Townsville Lithium-ion Battery Manufacturing Plant Feasibility Study.
Senior Management Team bolstered by new appointments.
World renowned agency Abt Associates conducts and publishes a special article on batteries produced by C4V funded by New York State Energy Research and Development Authority [NYSERDA]; New information points to batteries produced at the iM3NY Lithium—ion Battery Plant containing at least 87% less dirty energy per kilowatt hour versus comparable batteries; iM3NY to be the first factory to make these batteries at Gigawatt hour scale starting in 2021.
Following the ongoing success of Extra Fast Charging [EEC] results using unoptimised cells, for the next phase of Original Equipment Manufacturer [0EM] qualification, battery cells optimised for very fast charge will be used. Over 1000 charges have been conducted to date with capacity maintaining strength above 80%. EFC allows 85% charge in 6 minutes. A 12—month demonstration program funded by NYSERDA, which includes BAE Systems and Consolidated Edison on EFC batteries in Electric Buses begins. Major interest shown by overseas 0EM’s.
$7.65 million capital raising, co-led by Aitken Murray Capital Partners and Foster Stockbroking, to new local and overseas institutional investors, new sophisticated investors and existing shareholders. Magnis Executive Director James Dack subscribes for $0.5 million. Funds to be used to progress battery manufacturing and technology programs.
Magnis Energy Technologies Ltd requests that an immediate trading halt be granted by the Australian Securities Exchange with respect tn its ordinary shares. The trading halt is requested for the purpose of considering, planning and executing a capital raising.
World renowned agency Abt Associates conducts report on batteries produced by C4V. Report sponsored and funded by New York State Energy Research and Development Authority [NYSERDA]. C4V Generation—1 lithium—ion batteries with its qualified supply chain highlighted as potentially the greenest in the market. iM3NY to be the first factory to make these batteries at Gigawatt scale.
Magnis Energy Technologies Limited [“Magnis”, or the “Company”] [ASX: MNS] announces that it has terminated the employment of Dr Frank Houllis and that he has ceased his role as Chief Executive Officer of the Company effective as of today’s date. Messrs Frank Poullas, Executive Chairman, and James Dack, Executive Director, will continue to oversee the Company’s operations.
Queensland Department of State Development, Tourism and Innovation approves feasibility study. iM3TSV Board approves investment decision to proceed with the Townsville Lithium—ion Battery Plant. Financing discussions progress with local, state and in particular federal government agencies along with public and private entities. Development Application being finalised for submission to Townsville City Council.
iM3NY completed major milestones relating to its New York Battery Plant, with detailed engineering of plant, process optimisation, cost estimation and facility design works. Graphite from the Nachu Graphite Project in Tanzania, generated interest from major players in the Lithium—ion Battery [LIB] industry, while ongoing metallurgical work continued to yield market leading results. Nachu Project +99% purity flake graphite from the proposed mine processing plant deemed a high value product, only matched in the graphite industry through high cost downstream purification. Magnis completed the transaction to increase its shareholding in the iM3 New York [iM3NY] Battery Plant to a direct holding of 53.39%.
New York State Energy Research and Development Authority ["NYSERDA"] provides US$175,000 grant to demonstrate Extra Fast Charging Technology for public transit. Bus manufacturer BAE Systems [LON:BA] to match the grant with US$175,000 in resources. C4V will be producing and delivering its patented EFC batteries to be tested on BAE bus platform. New York power provider Consolidated Edison [NYSE:ED] and public transportation provider BC Transit also involved in the program.
Extra Fast Charge results for unoptimised cells developed by Magnis Partner, Charge CCCV, LLC. (C4V), have yielded a potential game changer for electric vehicle manufacturers. Over 85% charge achieved in 6 minutes. Potential ability to shorten the charging times and thus enabling operational flexibility for EVs, convenience to EV consumers, and potential increase in run time for in—service EVs. Low cost and sustainable processes are ethically aligned with the use of such designs as requested by EV manufacturers.
Magnis Energy Technologies Limited is pleased to announce that it has completed the transaction to increase its shareholding in the iM3 New York Battery Plant as announced on 18 March 2020.