Magnis gathers US funds for downstream development

A global consortium, in which ASX-listed Magnis Resources holds a major stake, has been awarded funding of $13.5-million from the state of New York to develop the region’s first lithium-ion gigafactory. In May, Magnis entered into a joint manufacturing establishment agreement to develop a 15 GWh lithium-ion battery plant in the US, with Magnis to supply the anode materials and technologies for the plant, while the cathode materials and technology, the manufacturing processes to produce electrodes and battery cells will be handled by the consortium partners.