Magnis Energy Technologies Expands Interest in iM3NY and Achieves Certification
Operational Update: iM3NY Battery Plant UN/DOT 38. 3 Certification
Magnis is proud to announce that the lithium-ion batteries produced at its iM3NY Battery Plant have achieved UN/DOT 38. 3 certification. This certification ensures that the cells meet the required standards and can be safely transported. It involves a series of tests, including altitude simulation, thermal cycling, vibration, shock, external short circuit, impact, and forced discharge.
Equitable Interest Increased
Magnis has further increased its interest in iM3NY LLC ("iM3NY") to 73%. This increase follows the conversion of bridging finance announced on March 31, 2023, and additional financial assistance provided by Magnis.
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The company's greater equity interest positions it for the potential commercial field trial sales phase of the iM3NY Battery Plant in the current quarter.
Joint Venture Agreement with Omega Seiki Mobility
iM3NY has signed a Joint Venture Agreement with Omega Seiki Mobility, a leading electric vehicle manufacturer in India. This partnership aims to establish a lithium-ion battery manufacturing facility in India to cater to the growing demand for electric vehicles in the region.
AAM Site Location and Services Contract Awarded
iM3NY has signed a Letter of Intent (LOI) for the site location of an Automotive Assembly Manufacturing (AAM) facility, along with a services contract awarded to Worley. This progress marks a significant step towards the establishment of a complete lithium-ion battery supply chain within the United States.
Magnis Energy Technologies continues to make significant strides in its goal to be a key player in the lithium-ion battery industry. With the achievement of UN/DOT 38. 3 certification and the increased equitable interest in iM3NY, the company is well-positioned to capitalise on the rapidly growing demand for electric vehicles and renewable energy storage. Magnis remains committed to driving the mass adoption of electric vehicles and advancing the green energy transition.
Magnis aims to become a vertically integrated lithium-ion battery technology and materials company, focusing on key segments of the lithium-ion battery supply chain. Its vision is to support and accelerate the widespread adoption of electric vehicles and renewable energy storage, crucial for the global transition to green energy.
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