New South Wales-based battery producer Magnis Energy Technologies says recently purchased equipment has boosted the annual production capacity of its Imperium3 New York (iM3NY) lithium-ion battery plant to 1.8GWh.
The ASX-listed company recently purchased equipment from a plant previously operated by Chinese battery manufacturer A123 Systems in Michigan.
Specifically, iM3NY bought approximately 60% of one of the production lines that A123 Systems had previously used, which will now be integrated into the existing production line that iM3NY is currently setting up.
The resulting production capacity expansion amounts to around 0.6GWh, boosting the overall annual production capacity to 1.8GWh.
Moreover, the recently acquired equipment will provide iM3NY with the flexibility to produce the same battery cell design as its current production line or allow for the possibility to manufacture different cell designs to further expand the company’s customer base.
“We are working around the clock to fast-track production at the iM3NY battery plant following the recent injection of substantial funding,” said Chaitanya Sharma, CEO of iM3NY.
“I can draw comparisons with our team’s excitement levels and my early experience working on the Tesla Gigafactory in Nevada. We look forward to being one of the leading providers of American-made batteries for the US market in the near term.”
Magnis Energy Technologies and its subsidiary, iM3NY, announced last month the receipt of $US85 million ($AU110 million) in funding intended to fast-track production at the New York battery plant.
The funding – which follows in the wake of several other funding rounds, including a $AU34 million placement announced in February – sealed iM3NY’s “gigafactory” status, helping solidify iM3NY as an up-and-coming player in the United States’ lithium-ion battery industry.
“Today’s announcement is a culmination of over 2 years of work from both the Magnis and C4V teams to finalise this funding while retaining majority ownership,” said Frank Poullas, Chairman of Magnis Energy Technologies, speaking in April.
“We believe the lithium-ion battery market is set to grow exponentially in the United States and we are in a great position to take advantage of this growth. With offtake agreements signed and a focus on producing greener lithium-ion batteries, we are in a great position to take advantage of the huge growth being experienced in this sector.
“With aggressive future expansion plans all the way to 32GWh of annual production, iM3NY is currently investigating a potential US listing.”
iM3NY already boasts minimum offtake sales of $US 655 million in battery orders secured in binding offtakes, with the lion’s share of these orders set to go towards stationary battery storage projects, along with some transportation applications.
The continued growth of iM3NY follows hot on the heels of promising test results announced earlier this year by Magnis and its partner, Charge CCCV (C4V), which serve as an important step towards the companies’ goal of developing “extra-fast charging” EV batteries that can charge in just six minutes.
The new test results announced by the two companies, showed that the optimised multi-layer 1.6Ah pouch cells, which are within 99% energy density of a regular iM3 cell, retain 93% capacity over 600 cycles, charging and then discharging in 30-minute periods.
“We are really excited by this technology from Day 1 as it will be a game-changer for the commercial transportation industry,” said Frank Poullas in a statement regarding the new results.
“Today’s announced results are an early step toward turning this technology into a commercialised product.”