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Highlights:
- On Friday, shares of Magnis shot up to 34% on the ASX.
- The commercial production at the battery-ion manufacturing plant of Magnis has commenced its first production process.
- The revenue from the first production is expected to be generated in late September.
- The batteries to be produced at the Magnis plant will be the greenest in the marketplace, as per the company.
Shares of Magnis Energy Technologies Ltd (ASX:MNS) skyrocketed on 12 August 2022 after the company shared an update about its lithium-ion battery manufacturing plant.
The shares of the AU$354.17 million market cap company were trading 34.25% higher at 12:40 PM AEST. Magnis' share price surged by 10% in last one year, the share price lost 22.81% on a year-to-date basis, and has gained more than 57% in last one month (as of 3:18 PM AEST).
Worth mentioning here is that the benchmark index, ASX 200 Materials (INDEXASX:XMJ) was down by 0.836% to 15,969.9 around the same time.
What update has been shared by Magnis?
Australian mining company informed the market that commercial production has begun at the iM3NY New York Lithium-ion Battery Plant, located in Endicott, New York. Charge CCCV LLC, the technology partner and joint venture company and Magnis are the major shareholders in iM3NY.
According to the ASX announcement, the factory floor of the plant is around 22,000 sqm, with more than three professional soccer fields.
The company expects initial production of several thousand cells in the coming month. It is expected that the production will increase to 15,000 cells per day after the production increase at a production rate of 1.8GWh.
The first revenue is expected to be generated by the end of September as the first few weeks of production would be dedicated to testing the quality before selling the produce in the market.
Magnis said it aims to increase the plant's annual capacity to 38GWh by 2030.
What are iM3NY lithium-ion cells?
Image source: © Erchog | Megapixl.com
iM3NY lithium-ion cells are engineered to lead the market in terms of performance and safety. The cells are at the forefront of robust cell design, advanced chemistry and manufacturing process that assures high repeatability, flexibility and low cost.
Magnis said that with selected supply chain partners and employing hydroelectricity in the manufacturing process, the batteries produced at the plant would be the greenest in the marketplace. Abt Associates independently verified this fact.
Management Commentary
Chaitanya Sharma, CEO, iM3NY commented on the development:
Sharma added that despite a challenging environment and supply chain-related issues, the company has managed to start the production in line with the schedule.
