Magnis Energy Technologies Ltd (ASX: MNS) has entered into a Binding Offtake Agreement with Tesla, Inc. for the supply of AAM beginning in February 2025 with fixed pricing.
Under the agreement Tesla will purchase a minimum of 17,500tpa starting from February 2025 with a maximum of 35,000tpa for a minimum three-year term at a fixed price.
The agreement is conditional on Magnis securing a final location for its commercial AAM facility by 30 June 2023, producing AAM from a pilot plant by 31 March 2024, commencing production from the commercial AAM facility by 1 February 2025, and customer qualification.
The company is in the process of selecting a United States location for the AAM facility.
The development of Pilot Plant facilities for both Nachu (Tanzania) Graphite concentrate and AAM has commenced with equipment orders initiated and new hires recently appointed.
Technical aspects of producing AAM using Nachu graphite concentrate have been developed over a seven-year period at facilities based in New York. The materials have been developed with environmentally sustainable processes that do not need any chemical or thermal purification.
“We are really excited to bring our high performing AAM to market that requires no chemical or thermal purification throughout the whole process, which differentiates this sustainable material in the market and provides great value to all parties,” Magnis Chairman, Frank Poullas, said.
Magnis Energy Technologies Ltd is a vertically integrated lithium-ion battery technology and materials company in the Lithium-ion battery supply chain. The company’s US based subsidiary Imperium3 New York, Inc (iM3NY) operates a Gigawatt scale Lithium-ion battery manufacturing plant in Endicott, New York.
Magnis together with its US based technology partner, C4V LLC has produced high-performance active anode materials for lithium-ion batteries utilizing Magnis’ high purity graphite feedstock from their Nachu Graphite project in Tanzania. The company’s vision is to enable, support and accelerate the mass adoption of Electric Mobility and Renewable Energy Storage critical for the green energy transition.
For further information please visit: https://magnis.com.au/