NY battery plant gets $52m term sheet
PERTH (miningweekly.com) – The Imperium3 consortium, in which ASX-listed Magnis Energy Technologies holds an effective 47% share, has secured a $52-million term sheet to develop a battery plant in New York.
Magnis on Monday told shareholders that the term sheet was issued after an eight-week due diligence process on the consortium, with the debt financing to consist of two stages.
The first stage payment of $30-million will be made on the completion of the final documentation and checks, with the remaining amount to be issued 12 months after the first payments, with no milestones attached.
The project financing has a 5.35%-a-year interest rate, with the first 3 years of the 13-year term consisting of interest only payments.
The planned Huron battery plant is expected to start production within 12 months of funding closure, with offtake contracts already in place for the majority of the first three years of planned production.
“Production is the main goal for Magnis from both the battery and mining divisions and we have recently made significant progress with New York and Nachu,” said Magnis chairperson Frank Poullas.
“Imperium3 have assessed a few proposals recently regarding the funding of our New York project and realising the value we have created via the purchase of the Alevo plant and having access to Huron Campus. This proposal allows Imperium3 New York to move towards developing the project into production and importantly, without any dilution in ownership.”
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