Billion dollar battery factory closer to reality

Magnis Energy Technologies (ASX: MNS) has reported positive progress by Imperium3 Townsville (iM3 TSV) developing a business case for a $2 billion lithium-ion battery cell gigafactory in Townsville.

Magnis is one third owner of Imperium which said findings supported the radid development in both the business case and technical solution for a 12 GWh production plant.

Magnis said”: “Creating Australia’s first giga-scale LIB manufacturing facility has required bringing together the technical expertise of global equipment vendors with local engineering specialists.

“In particular, Ausenco in Brisbane is overseeing process development and the GHD office in Townsville is overseeing site development and building design.”

Magnis said the Townsville location stacked up because of its proximity to Asian markets, good logistics and port, availability of materials such as lithium and manganese and the right population to deliver the opportunity.

The business case was strong in these areas:

# Strong battery market fundamentals

# Growing government support for reneweables storage and electric vehicles

# iM3 TSV’s evolving global partnerships

# Testing of battery materials in iM3’s facility in New York

Magnis said the plant would create $300 million of direct local economic benefits and up to US$1.5 billion in potential downstream co-location opportunities.

The company was engaging with governments seeking supportive policies, incentives and future R&D collaborations.

Imperium chairman, Shallesh Upreti said the Queensland and local Townsville governments were providing strong support for the plan.

Upreti said: “In recent times we have been approached by members from both major parties federally and prominent business leaders in our community who are interested in assisting and being involved in the project which is very encouraging.”

Picture: Magnis Energy Technologies

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