Queensland government approves Townsville battery gigafactory

Magnis Energy Technologies has received Queensland government approval for its feasibility study into the construction of a $3 billion, 18GWh lithium-ion battery cell gigafactory in Townsville.

The Queensland Department of State Development, Tourism and Innovation approved the study, allowing the constructor, Imperium3 Townsville (IM3TSV), to proceed with financial discussions to support investment in the plant, which will be built in three stages.

Magnis owns one third of IM3TSV.

IM3TSV’s board has also formally approved the company’s investment decision to proceed with the plant.

A development application is now being prepared for submission to Townsville City Council.

The company completed engineering work on a similar plant proposed for New York in May.

Masgnis told investors today that following discussions with National Australia Bank the company was progressing initial discussions with potential equity partners for the plant.

IM3TSV aims to:

  • Complete capital raising and make a final investment decision by 30 June, 2021
  • Commence construction by 1 January, 2022
  • And commence operation by 1 January, 2024.

Picture: Magnis Energy Technologies

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