Magnis Energy bags $14.8Mn in funds to produce li-ion cells for EVs
Category: #tech  By Mateen Dalal  Date: 2021-08-04
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Magnis Energy bags $14.8Mn in funds to produce li-ion cells for EVs

Australia-based lithium-ion battery manufacturer, Magnis Energy Technologies has raised USD 14.79 million ($A20 million) in the latest funding round led by SBC Global Investment and Lind Partners- an asset management firm. The battery startup has established plans to manufacture lithium-ion cells for electric cars in both Townsville in Queensland, Australia, and New York, USA.  

Magnis claims it has carried out tests of battery cells to be used in electric vehicles in an unoptimized 25kWh unit that carries the ability to charge within six minutes.

As per a study backed by the New York state government, the six-minute batteries have been rated as “the greenest” in the north-eastern US industry.

Sources cite that the new capital will go into the company’s war chest, which recently included USD 34 million raised to fulfill its operations in New York.

It is worth noting that the Australian producer of li-ion battery cells received approval in the latter half of 2020 from the government of Queensland for its feasibility study on the Townsville plant and since then has over USD 60 million till date to drive its lithium-ion production strategies.

Reports estimate that lithium-ion battery market size across the globe is slated to grow at a CARG of 15% from 2020 to 2026, and USD 41.1 billion in 2021 to USD 116.6 billion by 2030 in terms of value.

In this regard, entities that can offer better-performing batteries at a large scale will be recognized and rewarded with market share.

For the record, the shares of Magnis Energy Technology were suspended on July 29, 2021, before the announcement regarding the funding was made and re-opened on August 3, 2021, selling 30 cents per share.

In other news, in August 2021, the company announced that its unit inked an additional binding sales deal worth USD 74 million with a U.S. government supplier for four year period.

Source Credit: https://thedriven.io/2021/08/03/battery-startup-magnis-secures-a20-million-as-hancock-heir-buys-in/

 

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About Author

Mateen Dalal    

Mateen Dalal

Mateen has completed his Bachelor’s degree in electronics and telecommunication engineering, post which he lent his proficiency to the industry, working as a quality and test engineer. Drawn intricately toward the field of content creation however, Mateen soon switc...

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