Magnis Energy Technologies Limited ('Magnis' or the 'Company') is pleased to announce that its technology partner Charge CCCV ('C4V'), of which Magnis has a 10% ownership, has supplied batteries to Martac using its proprietary BMLMP cathode technology for its unmanned water and surface vessels.
Supply of Batteries to Martac
The C4V batteries that have been delivered to Martac are lithium-ion batteries with the BMLMP cathode composition. Each battery is 20KW in size and these will be used in commercial marine vessels for demonstration and testing purposes. The aim under the extreme condition testing program would be to make the BMLMP batteries compatible in many applications. The high power and energy density batteries do not have the ingredient of cobalt and focus on the use of higher voltage composite materials in combination with a higher energy anode, along with unique 3D electrode designs that reduce costs and have the benefit of relying on a less volatile supply chain of composition materials.
The C4V Generation 1 battery cells were built in prismatic form factor with the BMLMP cathode and delivered to Martac as fully built battery packs for drop in replacement. The prismatic cells built are of the exact size that iM3NY are aiming to commercially produce from the New York Battery Plant. Magnis has a 47% ownership via its direct and indirect shareholding in the iM3NY company and NY battery plant project. Martac have already signed a commercial in confidence agreement with C4V and iM3NY on cost and supply terms of batteries to be used in maritime boats. It is anticipated Martac would need several hundred MWh of batteries over the next five years to satisfy the demand levels they currently have for their vessels.
New York battery plant funding
The signed term sheet announced on 18 March 2019 has progressed to loan documents being received in late April as mentioned in the Company Quarterly Activities Report released on 30 April 2019. Following a review of the documents from legal teams representing iM3NY, some changes have been requested with new amended documents yet to be received.
Discussions with other financial organisations continue to progress on the funding for NY. Options include full debt, full equity and a mixture of debt and equity. The groups involved include private equity, family offices, large banks and government bodies.
The production of lithium-ion cells from NY is the main priority of the iM3NY consortium and its members.
In recent months discussions have progressed with potential strategic investors who are looking at investing into Magnis. The groups are significant companies in industries with belief that future disruption is coming with the adoption of lithium-ion batteries. More information will follow with disclosure once agreements have been reached.
Magnis Managing Director, Marc Vogts commented: 'During my current travels attending battery conferences in North America it is apparent that our supply chain is generating great interest especially with the current trade wars, our projects are receiving great interest overseas.'
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