Magnis Energy Technologies is surging over 10% during trading today after a great progress announcement.
During the afternoon, Magnis announced an update on their activities relating to the iM3NY Battery Plant in New York, of which Magnis Energy is the major shareholder. The announcement detailed that the project by the end of February was 63% completed.
Strong progress has been made on other avenues as well including various construction milestones and the hiring of more skilled workers to assist in the build.
One the plant is completed; the company expects to expand production aggressively up to 32GWh annually by 2030. If achieved, this will make it the largest lithium-ion battery cell factory in North America. This also represents a large step forward in diversifying the global supply chain away from solely Chinese suppliers.
Magnis’ Chairman, Frank Poullas, stated: “The shortage of cells in the marketplace continues to grow coupled with the increases in nickel and cobalt prices, timing could not be better for production in 2022.”