- Magnis Energy Technologies (MNS) has struck a three-way deal with the University of Newcastle (UoN) and meat processing giant Fletcher International Exports
- The deal will see the companies integrate battery storage into Fletcher's flagship Dubbo processing facility
- As part of the deal, Magnis will transport and install a 2.2 megawatt-hour batter from its New York inventory to the Dubbo facility
- The companies will then take on some research and development work to explore the cost-efficiency and energy-efficiency brought about by the new battery
- The deal has been backed by Deputy Prime Minister Michael McCormack, who says it's good to see renewable energy tech being integrated into the $31 billion agriculture sector
- Shares in Magnis Energy are up almost 3 per cent and trading at 18 cents each at midday
Magnis Energy Technologies (MNS) has struck a three-way deal with the University of Newcastle (UoN) and meat processing giant Fletcher International Exports this week.
The deal will see the companies integrate a "big battery" into Fletcher's flagship Dubbo processing facility.
Essentially, Magnis will transport a 2.2-megawatt-per-hour battery from its New York inventory and install it in the Dubbo facility.
A research and development (R&D) program will then be taken on and overseen by UoN's Institute of Energy and Resources (NIER) to explore the cost-efficiency and energy-efficiency of integrating battery storage into meat processing.
The purpose of the project is to break new ground in the energy-intensive meat processing industry which, according to Magnis, has so far struggled to incorporate clean energy tech innovations.
This week's deal has been backed by Deputy Prime Minister and Minister for Infrastructure, Transport and Regional Development Michael McCormack.
"It is good to see the agriculture sector working closely with some of our brightest minds to develop new technology that will help the $31 billion industry grow," the Deputy Prime Minister said.
UoN Deputy Vice Chancellor, Research and Innovation, Professor Janet Nelson said the university is renowned for its world-class research, industry collaboration, education, and innovative solutions.
"Our aim is to have our researchers and students integrated with local industry, building on regional successes and unique attributes to drive innovative outcomes for these key sectors," Janet said.
Fletcher's founder, Roger Fletcher, said the agreement comes in light of a responsibility to the company's people, consumers, and the Australian environment to continually improve operations.
"The project is a natural progression for us, fitting in with our sustainability achievements to date and our strategy moving forward," Roger said.
"As individuals, communities, and as a nation, we must strive for energy efficiency wherever possible," he said.
Meanwhile, Magnis' Executive Chairman, Frank Poullas, said the deal is "exciting" for all parties involved.
"Agreements like these are a vital element in the company's strategic plan to expand lithium-ion battery cell off take partnerships, as production in New York and then our plans for Australian manufacturing scales up," Frank said.
Magnis specialises in producing lithium-ion battery (LIB) cells for a range of sectors.
While there was no mention of what sort of revenue this week's MoU could bring in, investors still seem supportive of the deal.
Shares in Magnis Energy are currently up 2.86 per cent at 18 cents each at 12:02 pm AEDT. The company has a $127.27 million market cap.