Magnis Energy Technologies Ltd (ASX: MNS) has increased its interest in iM3NY LLC to 73% following the conversion of the Bridging Finance announced in late March 2023 into iM3NY equity.
With the iM3NY Battery Plant likely entering the stage of commercial field trial sales from production batches in the current quarter, the vompany’s board believed it was an opportune time to increase its overall stake in the project, rather than seeking repayment of the bridging finance.
Magnis has also entered into a new small-scale short term debt financing facility to enable it to provide additional support to iM3NY (thereby allowing iM3NY to meet its operating and financing obligations) and to provide additional working capital to Magnis itself.
Regulated industries such as energy (lithium-ion battery cells), pharmaceuticals, specialty chemicals, and similar critical-use sectors require certification. Now UN38.3 Certified, iM3NY cells are now permitted to be transported by land, sea, and air both locally and internationally.
With the cells permitted to be transported, sales will begin in the current quarter utilising any cells that have been stockpiled that have passed the relevant Quality Control (QC) measures for field trial purposes by the clients. Production levels will progressively ramp up in parallel to field trial sales from low-rate of production to high-rate production.
In the last quarter, several parties have progressed their due diligence regarding investment or a strategic partnership with iM3NY. Further information will be provided as it comes to hand.
“The iM3NY Battery Plant offers an unparalleled and unique opportunity with much thanks to Magnis’ foresight to have cell- manufacturing-infrastructure in place to leverage additional synergies,” iM3NY Chairman Dr Shailesh Upreti said.
“iM3NY is in talks with Tier 1 EV manufacturers who value these synergies and are engaging with us.”