Magnis Energy Technologies Provided Update On Townsville Project Feasibility Study

April 11, 2019 06:00 PM AEST | By Team Kalkine Media
 Magnis Energy Technologies Provided Update On Townsville Project Feasibility Study

Graphite & Battery Development company, Magnis Energy Technologies (ASX:MNS) on 11 April 2019, announced that Imperium3 Townsville (“iM3TSV”) had made major progress on the feasibility study. Now Imperium3 Townsville will be undertaking the 15 GWh lithium-ion cell manufacturing facility in Townsville, Queensland. The company holds one-third ownership in iM3TSV. From the initial findings, it was concluded that the finding would provide support in the rapid development in both the business case and technical solution for this project.

The study to date confirms the suitability of Townsville in large-scale manufacturing. This is so because of the market proximity to rapidly growing Asian economies. In the Asian economies, the electrification of transport and renewable energy are emerging as disruptors in global markets. The other reason for Townsville suitability for large-scale manufacturing is the easy logistics access to Townsville Port as well as local availability of battery materials along with the precursors such as lithium and manganese. Other than this, there are right people to execute along with the supportive government. The project team has expertise in lithium-ion battery (LIB) innovation. They also hold expertise in business development as well as project delivery.

Townsville plans to be a leading city in the future. It also has the ambition to become the centre of high technology manufacturing, with an emphasis on sustainability.

The announcement also covered the business case for the 15 GWh LIB manufacturing facility at Townsville that evolves across the key areas such as Strong Battery Market Fundamentals, Growing Government Support, Local Business Engagement, Global Partnering, Downstream Co-Location Opportunities followed by the Cost Competitiveness.

Other than that, there are certain economic and strategic benefits as well that is associated with the project.

  • Creation of 750 jobs in high technology manufacture.
  • It will promote sustainable industries in North Australia.
  • Townsville will receive support through the current local economic downturn.
  • Australia will be transitioned into a low carbon economy and associated industries.
  • The Australian resources will realize a higher value.

Technical Solution

The creation of Australia’s first Giga-scale LIB manufacturing facility has brought together technical expertise of global equipment vendors along with the local engineering specialists.

Magnis Energy Technologies on 18 March 2019, announced that Imperium3 New York has entered into a term sheet to fund US$52 million through a pre-issued European bond for funding the renewable energy products at the rate of 5.35% per annum for the term of loan which is 13 years.

On 21 January 2019, the company announced that LIBCOIN along with BHEL would be building India’s first lithium-ion battery Gigafactory.

For the 1H FY2019 ended 31 December 2018, Magnis Energy incurred a loss of $2,771,021. The balance sheet of Magnis Energy reported an increase in the net asset base in 1H FY2019 as compared to 2H FY2018. The total shareholders’ equity during the period was worth $26,778,985. By the end of the 1H FY2019, the net cash and cash equivalent with the company was $6,217,146.

In the last five years, the stock has generated a return of 103.85%. By the closure of the trading session on 11 April 2019, the closing price of the stock was A$0.265. Magnis Energy Technologies Ltd has a market capitalization of A$161.95 million with approximately 611.14 million outstanding shares.


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