NAB signs on as financial adviser in $2b lithium-ion project
ONE of Australia’s biggest banks is helping back Townsville’s planned $2 billion battery plant at Woodstock.
In a huge show of confidence for the project’s viability, National Australia Bank has been engaged by Imperium3 Townsville as a financial adviser for its 18-gigawatt-anhour lithium-ion cell manufacturing facility in the city.
The project, which is expected to create 1150 jobs, is progressing quickly with the draft feasibility report complete.
Magnis Energy Technologies is part of the Imperium3 consortium backing the project. Chairman Frank Poullas said both parties had done their due diligence on working with each other.
“For NAB to put their name to anything and come on board is a big deal,” he said.
“Having NAB on board has taken place after significant due diligence by all parties involved.
“The fact they are confident they can work with us to raise the necessary funds to get Townsville up and running is a huge testament to us.”
A NAB spokeswoman said NAB had a long history of supporting alternative energy projects.
“We are proud to be able to provide our expertise to Magnis and its partners who are delivering a project that will bring strong economic benefits to North Queensland,” she said.
Managing director Marc Vogts was in Townsville this week meeting with State Development Minister Cameron Dick and people from his department about the battery plant.
The next phase of the project would be focused on development approvals, funding and marketing.
The company said “over the coming months” a development application would be submitted to Townsville City Council for the plant.
“Following the completion of the technical design and engineering programs of work, a preliminary draft feasibility study report was completed to enable subsequent work programs associated with financial analysis, independent review and market developments to be progressed,” Magnis said in a statement.
“This work is rapidly nearing completion and the feasibility study report is on track for completion and submission by the end of this month.”
Mr Vogts said the project continued to tick boxes.
“From day one, we believed that the Townsville project is imperative for Australia’s energy security and I believe that all forms of government share my sentiment,” he said.
Mr Dick said this was great news for Townsville.
“This project has the potential to be a huge boost to jobs in the region, and our government backs more manufacturing jobs for Queenslanders all the way,” he said.