Australia's Magnis Energy unit signs $74 mln sales deal with U.S. govt supplier

Energy Technologies

04/08/2021 01:52

Aug 4 (Reuters) - Australian lithium-ion battery producer
Magnis Energy Technologies Ltd  MNS.AX  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 https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02403481-2A1313712?access_token=83ff96335c2d45a094df02a206a39ff4
 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 binding orders are mostly used in energy stationary
storage products along with transportation applications, the
company had said in May https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02370536-2A1295818?access_token=83ff96335c2d45a094df02a206a39ff4,
 when it announced the annual capacity expansion of its New York
plant to 1.8 gigawatt hours.
    On Tuesday, Magnis secured A$20 million ($14.7 million) from
two U.S.-based investors to fund its expansion in the
lithium-ion battery industry.  urn:newsml:reuters.com:*:nL4N2PA03Z

($1 = 1.3532 Australian dollars)

 (Reporting by Tejaswi Marthi; Editing by Rashmi Aich)
 ((Tejaswi.Marthi@thomsonreuters.com;))