Australia markets closed
  • ALL ORDS

    7,391.00
    +87.70 (+1.20%)
     
  • ASX 200

    7,145.60
    +81.10 (+1.15%)
     
  • AUD/USD

    0.7037
    -0.0012 (-0.17%)
     
  • OIL

    110.35
    +0.46 (+0.42%)
     
  • GOLD

    1,845.10
    +3.90 (+0.21%)
     
  • BTC-AUD

    41,671.35
    -142.20 (-0.34%)
     
  • CMC Crypto 200

    650.34
    -23.03 (-3.42%)
     
  • AUD/EUR

    0.6659
    +0.0002 (+0.03%)
     
  • AUD/NZD

    1.0973
    -0.0065 (-0.59%)
     
  • NZX 50

    11,267.39
    +60.46 (+0.54%)
     
  • NASDAQ

    11,835.62
    -40.01 (-0.34%)
     
  • FTSE

    7,389.98
    +87.24 (+1.19%)
     
  • Dow Jones

    31,261.90
    +8.77 (+0.03%)
     
  • DAX

    13,981.91
    +99.61 (+0.72%)
     
  • Hang Seng

    20,717.24
    +596.56 (+2.96%)
     
  • NIKKEI 225

    26,739.03
    +336.19 (+1.27%)
     

Magnis Energy Technologies Limited (MNS.AX) Subsidiary iM3NY Completes Refinancing

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·4-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Magnis Energy Technologies Limited
Magnis Energy Technologies Limited

Magnis Energy Technologies Limited (MNS.AX) Subsidiary iM3NY Completes Refinancing

Sydney, Australia, April 19, 2022 - (ABN Newswire) - Magnis Energy Technologies Ltd (ASX:MNS) (HAM:U1P) (OTCMKTS:MNSEF) is very pleased to announce that its Gigawatt scale Lithium-ion battery manufacturing project and subsidiary Imperium3 New York, Inc. ("iM3NY") has completed a US$100 million, three-year intellectual property-based financing (the "loan facility"), partnering with Atlas Credit Partners ("ACP") and Aon. Magnis along with its joint venture and technology partner Charge CCCV LLC ("C4V") are the major shareholders in iM3NY.

- Intellectual Property-based financing closed with Aon and Atlas Credit Partners

- Funds will be used to fast-track expansion and retire previous debt

- Accelerated expansion required to meet anticipated strong demand from potential major customers following positive meetings

- Strong validation of C4V's patented technology through IP backed loan with credit wrap insurance arranged through Aon

The loan facility refinances the existing US$50 million four-year Riverstone senior secured loan obtained by iM3NY in April 2021 and supports iM3NY's long term growth plans. Over the last year, iM3NY has made significant progress in the construction of the initial phase of its first Gigawatt scale factory and a portion of the net proceeds will be used to fast track its growth plans as it looks to expand production.

The new loan facility is for three years and provides additional capital cost reductions for iM3NY based on certain milestones. The loan facility reduces iM3NY's cost of capital and provides additional cash to the project's balance sheet, significantly increasing its financial flexibility and ability to take advantage of new opportunities.

Key material terms of the loan facility are disclosed in Annexure A. Additionally Annexure B provides further information about the loan facility partners.

iM3NY Chairman and President of C4V Dr Shailesh Upreti commented: "While intellectual property is the lifeblood of any technology company driving majority of the value, its importance in a highly crowded market like Lithium-ion batteries is even more consequential. We continue to remain at the forefront of innovation by pioneering the next generation chemistry, industry leading advanced cell designs and processes as well as the associated supply chain."

"While C4V's Cobalt and Nickel-free BMLMP cell technology delivers best in class safety and superior performance, we are now very close to making this technology available to the market as a leading product at scale from iM3NY. At C4V we are diligently innovating new molecules and at iM3NY we are committed to making them available to our customers to help achieve their electrification goals faster and greener."

"Partnering with firms such as Atlas Credit Partners and Aon underscores our marketleading position and is a direct result of the hard work by the C4V and iM3NY team. I'd like to thank the ACP and Aon teams for their tireless efforts and look forward to having both as longterm partners of C4V and iM3NY."

CEO of iM3NY Chaitanya Sharma commented: "We are excited to welcome Aon and ACP into our growing family of partners as we get ready to begin production from our Gigafactory in the coming months. This financing will serve to accelerate our production ramp-up plans and bring our cells to serve our trusted customers. 2022 has been, and will continue to be, a very exciting chapter in iM3NY's success story"

Managing Partner of Atlas Credit Partners Drew Mallozzi commented: "We are both privileged and excited to partner once again with the iM3NY team to create another value-enhanced capital solution. In collaboration with Aon, our structure will allow iM3NY to continue on its path as a pivotal player in the global trend toward electrification.


About Magnis Energy Technologies Limited:


Magnis Energy Technologies Limited (ASX:MNS) (OTCMKTS:MNSEF) (FRA:U1P) is involved in and has strategic investments in several aspects of the electrification supply chain including manufacturing of green credentialed lithium-ion battery cells, leading edge battery technology and high quality, high performance anode materials. The company's vision is to enable, support and accelerate the green energy transition critical for the adoption of Electric Mobility and Renewable Energy Storage.

Contact:

Frank Poullas
Executive Chairman
Ph: +61 2 8397 9888
www.magnis.com.au

Source:
Magnis Energy Technologies Limited

Copyright (C) 2022 ABN Newswire. All rights reserved.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting