iM3NY Update
Sydney, Oct 6, 2023 AEST (ABN Newswire) - Magnis Energy Technologies Ltd (
ASX:MNS) (U1P:FRA) (MNSEF:OTCMKTS) is pleased to provide an update from the iM3NY Battery Plant located in Endicott, New York. Magnis is the majority shareholder of iM3NY.
New York State ESD Grant
iM3NY has received confirmation from NY State-sponsored business development initiative Empire State Development ("ESD") that iM3NY has met the requirements to receive an initial grant of US$2 million. These funds, which potentially represent the first installment of the previously announced grant of up to US$13.25 million, are expected to be received by iM3NY during the current quarter.
Production, Sales and Agreements
Sales in the previous quarter included cells used for internal characterization testing as well as product qualification for potential customers. The revenue generated by iM3NY from the sale of cells in the period to 30 September 2023 will be disclosed in Magnis' upcoming quarterly report.
Given the delays in cell certification and the consequential delay in the production of cells, Premier Solar has decided not to renew its offtake agreement with iM3NY. This agreement (total value ~USD20M) was not material, representing less than 5% of the previously announced total value of the offtake agreements (~USD965M the details in respect to these and the relevant counterparties are on page 11 of the Annual Report for 2022). Of the six other offtake agreements that iM3NY is party to and previously announced three that have recently been renewed with their term extended were Martac, EGYAI and Sukh Energy (terms were extended out to 2028). The remaining three are subject of ongoing discussions between iM3NY and the relevant counterparties namely Energence, Green World Corp and Energy Link 3 in relation to their potential extension and/or renegotiation.
GTI Collaboration
iM3NY is collaborating with GTI Fabrication for the design and development of Battery Energy Storage Systems (BESS). This is a significant step forward in iM3NY's path to providing energy storage solutions to customers across the stationary energy storage space. As a leader in turnkey BESS solutions, GTI Fabrication brings extensive experience and a track record of success that is expected to bolster iM3NY's cell-level expertise.
About Magnis Energy Technologies Limited
Magnis Energy Technologies Limited (ASX:MNS) (OTCMKTS:MNSEF) (FRA:U1P) is involved in and has strategic investments in several aspects of the electrification supply chain including manufacturing of green credentialed lithium-ion battery cells, leading edge battery technology and high quality, high performance anode materials. The company's vision is to enable, support and accelerate the green energy transition critical for the adoption of Electric Mobility and Renewable Energy Storage.
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