Magnis Energy Technologies Ltd (ASX:MNS, OTCQX:MNSEF) has completed an internal qualification process to ensure cells being produced at the iM3NY Lithium-ion Battery Plant in Endicott, NY meet specifications.
The cells now being produced are awaiting certification by an independent certifier.
This process has started with final certification expected in the first half of the current quarter.
Once the certification has been received, Magnis expects first revenues to begin.
Funding
HSBC was appointed to assist in funding the expansion of the battery plant in the coming years to 38GWh.
The funding process started in late November 2022 with feedback expected during the current quarter.
Notably, the process has yielded interest from investment groups, OEM’s and strategic investors.
Nachu Graphite Project
Last year, Magnis released an updated bankable feasibility study (BFS) for its Nachu Graphite Project in Tanzania, which confirmed strong financial and technical viability.
The BFS deals with optimising the process plant to produce a higher-grade product and protect flake size during processing.
Magnis CEO David Taylor said: “The project will produce a high quality, sustainable product that requires minimal purification, placing Magnis in a strong competitive position relative to others in the market.”