- Magnis Energy Technologies (MNS) shares respond favourably to the news the company will receive additional funding from a US Government supplier
- The company has been awarded an additional US$74 million (A$100 million) binding sales contract, bringing its total agreements to US$729 million (A$985 million)
- According to Magnis the plant is at close to 18 per cent completion and is on track for semi-automated production this year
- Magnis Energy Technologies shares are up 5.36 per cent to trade at 29.5 cents
Magnis Energy Technologies (MNS) shares have responded favourably to the news the company will receive additional funding from a US Government supplier.
The company is in the early stages of constructing its iM3NY Battery Plant based in Endicott, New York.
The additional four-year binding sales contract to the tune of US$74 million (A$100 million) brings the company’s total binding sales agreements to US$729 million (A$985 million).
Magnis has hinted there could be more sales in the pipeline, advising discussions with several other potential customers are ongoing.
The ASX-lister also updated investors on the status of the battery plant, which is at 17.85 per cent completion in a four-phased construction process.
The company spent the last two months working through design feed information, including finalised general arrangement drawings, temperature and humidity requirements, storage and feed details.
Magnis said it is working to complete a facility clear out by August 16, after which it will begin to bring machinery into their permanent locations.
Air, environmental justice and aquifer permits are pending for the project.
Magnis Chairman Frank Poullas said the project remains on track for semi-automated production this year.
“We are encouraged by the progress at the New York Lithium-ion Battery Plant,” he said.
“It is of note that the iM3NY team continues to work diligently in making savings and the project is currently under budget.”
Magnis Energy Technologies shares were up 5.36 per cent at 11:06 am AEST to trade at 29.5 cents.