Total
0
Shares
- Managing Director of Omega Seiki Mobility Deb Mukherji.
Managing Director of Omega Seiki Mobility Deb Mukherji.
Source: Deb Mukherji/Twitter.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Battery producer Magnis Energy Technologies (MNS) announces that the final permit, aquifer permit, for iM3NY’s New York lithium-ion battery plant has been approved
  • The project now has the aquifer permit, air permit and the environmental justice plan, allowing the plant for near term production
  • The plant is fully funded to generate over one gigawatt-hour of high-grade lithium-ion battery cells per year, with production expected in early 2022
  • On the market this afternoon, Magnis is up 5.33 per cent and is trading at 39.5 cents per share

Magnis Energy Technologies (MNS) has announced the final permit for its New York lithium-ion battery plant has been approved.

The approval, labelled aquifer permit, was approved by the Village of Endicott.

The plant is being operated by Imperium3 New York (iM3NY) and Magnis is a major shareholder in the company, holding a 50.86 per cent stake.

In 2018, iM3NY completed the purchase of the battery plant, which was then relocated to New York.

Earlier this year, the company produced its first full-sized lithium-ion battery cells from the New York plant.

The plant is fully funded to generate over one gigawatt-hour of high-grade lithium-ion battery cells per year, with production expected in early 2022.

Magnis said the project now has the aquifer permit, air permit and the environmental justice plan, allowing the plant for near term production.

Commenting on the permit is iM3NY CEO, Chaitanya Sharma.

“The is a very important day for iM3NY, it is a huge milestone after many months of hard work,” Mr Sharma said.

“We now have all permits in place for near term production. Semi-Automated production is on track for this quarter and we are putting in long hours to achieve this major milestone.”

On the market this afternoon, Magnis was up 5.33 per cent and is trading at 39.5 cents per share at 2:46 pm AEDT.

MNS by the numbers
More From The Market Herald

" Torian Resources (ASX:TNR) reports first assays from major Mt Stirling drilling program

Junior explorer Torian Resources (TNR) has announced the first set of assay results from a 17,500-metre drilling program at its Mt Stirling Gold

" Leigh Creek Energy (ASX:LCK) signs offtake HoA with Daelim, shares spike

Leigh Creek Energy (LCK) stock has risen after the company signed a heads of agreement (HoA) with Daelim, a South Korean contractor, for
Blackstone Minerals (ASX:BSX) - Managing Director, Scott Williamson

" Blackstone Minerals (ASX:BSX) begins British Columbia drilling

Blackstone Minerals (BSX) has resumed drilling at the Gold Bridge Project in British Columbia, Canada.

" Frontier Resources (ASX:FNT) reports encouraging rock chip results

Frontier Resources (FNT) is reporting a number of encouraging results from a recent rock chip sampling program at its Gascoyne Project in Western