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- Magnis Energy Technologies (MNS) has received a key approval regarding its feasibility study for a planned lithium-ion battery plant in Townsville, Queensland
- The company is developing the project through a one-third stake in Imperium3 Townsville, which received the payment approval for the study’s final claims from the Queensland Department of State Development, Tourism and Innovation
- With the approvals received, Magnis will still need to receive development approval from the Townsville City Council and expects to lodge the relevent applications within the next few months
- To finance the project Magnis is currently in discussions with state and federal groups and is developing a funding strategy with Australian banking institution NAB
- Magnis shares closed 2.33 per cent in the green on Tuesday, priced at 22 cents each
Magnis Energy Technologies (MNS) has received a key approval regarding its feasibility study for a planned lithium-ion battery plant in Townsville, Queensland.
Imperium3 Townsville received payment approval for the study’s final claims from the Queensland Department of State Development, Tourism and Innovation. Magnis currently holds a one-third stake in Imperium3, which it is developing the project through.
With the approval received, Magnis has committed its investment in the project and is preparing to progress the site’s development.
Magnis is currently in financing discussions with state and federal groups, as well as private investors and is developing a funding strategy with Australian banking institution NAB.
However, to progress the site further, the company will still need to receive development approval from the Townsville City Council. To this end, Magnis is currently preparing the requisite applications, which are expected to be submitted over the next few months.
Looking forward, Imperium hopes to secure construction funding by June 30, 2021, and hopes to break ground by the beginning of 2022. If all this goes to plan, the 18 Giga-Watt hour lithium-ion battery cell manufacturing facility will commence operations by January 1, 2024, and cost approximately $3 billion in investment.
Magnis Chairman Frank Poullas commented on the timely nature of the project, given the recent disruptions to global supply chains.
“Energy security is a major topic along with the creation of local manufacturing and employment in the current climate,” Frank stated.
“This project ticks all the boxes and we look forward to progressing the Townsville project with our partners towards large scale production,” he said.
Magnis shares closed 2.33 per cent in the green on Tuesday, priced at 22 cents each.
