Funding for battery plant set

A LITHIUM-ION battery plant in the US – the forerunner of a similar facility planned for Townsville – will be developed with debt funding from a private equity group.

Australian-listed Magnis Energy Technologies said Imperium3 New York, which it part owns, had received $109m in funding through a mixture of debt and equity to fast track production of the battery plant in Endicott, New York State.

The funding includes a $64m loan from Riverstone Credit Partners and about $45m of equity funding, including more than $30m from Magnis.

Imperium3 New York said it was now fully funded through to a capacity to generate over 1 gigawatt hour of lithium battery cells per year and that the building of its first gigafactory had begun with production expected in early 2022.

Its batteries will incorporate the group’s C4V’S patented Bio Mineralisation technology with a proprietary bio-mineralised lithium mixed metal phosphate process.

Imperium3 said it was part of the US Department of Defence supply chain and was supporting the electrification of several large US corporations.

Magnis chairman Frank Poullas said the funding was the culmination of two years of work.

“We believe the lithium-ion battery market is set to grow exponentially in the US and we are in a great position to take advantage of this growth,” Mr Poullas said.

Imperium3’s growth plans include building 32 gigawatt hours of capacity over eight years, creating direct employment for about 2500 people.