Magnis Energy Technologies (ASX:MNS) subsidiary receives $110 million in funding

Imperium3 New York (iM3NY), a subsidiary of Magnis Energy Technologies (ASX:MNS), has received AU$100 million in funding to fast track production at its lithium-ion battery plant in Endicott, New York. The project is now fully funded for gigawatt production.

The funding includes a US$50 million senior-secured term loan from Riverstone Credit Partners and US$35 million of equity funding, of which over US$23.6 million is from Magnis.

Magnis now has an interest in iM3NY of approximately 63 per cent following the investment.

Magnis Chairman Frank Poullas comments: "Today's announcement is a culmination of over 2 years of work…We believe the lithium-ion battery market is set to grow exponentially in the United States and we are in a great position to take advantage of this growth… With aggressive future expansion plans all the way to 326GWh of annual production, iM3NY is currently investigating a potential US listing."

Shares in Magnis Energy Technologies (ASX:MNS) are trading 2.4 per cent higher at $0.44.
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Source: Finance News Network