Detailed engineering of plant, process optimisation, cost estimation and facility design works have recently been completed at the request of three prospective project financiers as part of their due diligence process .
Detailed Engineering and Due Diligence
Over the past six months, three major reports were commissioned and completed to refine project works, schedules and costs for due diligence by prospective financiers. Detailed engineering work was completed by Dutch Engineering giant,
A project team of close to twenty people from Dutch Engineering giant Ramboll ('Ramboll'), with C4V (Magnis battery partner) and iM3NY has performed this recent work covering plant layout, facility and utility design, safety, environment, process, inventory management and operations. An independent valuation completed by
The three prospective investors include a well-known global financial institution and a green investment fund. All three groups have provided iM3NY with non-binding agreements and a Letter of Intent (LOI) to showcase their serious interest.
Working Capital
To provide iM3NY with additional working capital, a portion of the nickel foam system, which is not required for future operations in the New York Battery Plant, was recently sold for over AUD$500,000.
This announcement has been authorised for release by the Board of
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