- The company said Imperium3 New York (iM3NY), its energy storage systems unit, secured a $74 million sales deal for a period of four years, taking the total binding deals to $729 million
- Magnis secured A$20 million ($14.7 million) from two U.S.-based investors to fund its expansion in the lithium-ion battery industry
As per a report by Reuters, Australian lithium-ion battery producer Magnis Energy Technologies Ltd said on Wednesday its unit in New York secured an additional binding sales agreement with a U.S. government supplier. The company said Imperium3 New York (iM3NY), its energy storage systems unit, secured a $74 million sales deal for a period of four years, taking the total binding deals to $729 million, while discussions with other potential customers are ongoing.
The report added that the binding orders are mostly used in energy stationary storage products along with transportation applications, the company had said in May, This happened when it hadannounced the annual capacity expansion of its New York plant to 1.8 gigawatt hours.
Magnis secured A$20 million from two U.S.-based investors to fund its expansion in the lithium-ion battery industry.
