Magnis Energy Technologies Increases Ownership in iM3NY and Advances Feasibility Study for Nachu Graphite Project
Magnis Energy Technologies strengthens its position in the lithium-ion battery market and progresses feasibility study for Nachu Graphite Project
Magnis Energy Technologies Ltd, a mining company with a focus on lithium-ion battery production, has made significant moves to expand its presence in the industry. The company has increased its ownership in its US-based subsidiary, Imperium3 New York, Inc (iM3NY), and is making progress with its feasibility study for the Nachu Graphite Project in Tanzania.
Increased Ownership in iM3NY
Magnis Energy Technologies announced that it has raised its ownership stake in iM3NY from 60% to 70%. This increase was achieved by converting a bridging finance facility into equity. The facility, initially provided by Magnis to iM3NY in June 2022, supported the commissioning and ramp-up of iM3NY's battery plant in New York.
The conversion of the facility into equity was carried out at a valuation of US$200 million for iM3NY. This valuation was based on an independent assessment conducted by HSBC.
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The increased ownership in iM3NY will bolster Magnis's exposure to the expanding battery market in the US. It will also align the company's interests with strategic partners such as C4V, Eastman Kodak, and Primet Precision Materials.
Progress on Nachu Graphite Project Feasibility Study
In addition to its ownership expansion, Magnis Energy Technologies provided an update on its Nachu Graphite Project in Tanzania. The company stated that the feasibility study for the project is progressing well. The Nachu Graphite Project aims to produce anode materials for lithium-ion batteries. With the increasing demand for electric vehicles and energy storage solutions, this feasibility study marks an important step forward for Magnis in catering to the growing battery market.
Magnis Energy Technologies remains committed to positioning itself as a key player in the lithium-ion battery sector. The increased ownership in iM3NY strengthens the company's foothold in the US battery market, aligning its interests with strategic partners. Simultaneously, the advancement of the feasibility study for the Nachu Graphite Project solidifies Magnis's potential to contribute to the growing demand for anode materials in the battery industry.
Disclaimer: This article provides a summary of the original Magnis Energy Technologies announcement and is not a substitute for the full text of the announcement.
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