By Selva Freigedo
The share price of Magnis Energy Technologies, listed on the ASX [ASX:MNS] is up today after its subsidiary, Imperium3 New York Inc (iM3NY), closed a US$100 million IP-based financing.
Magnis is a major shareholder of iM3NY, along with its joint venture and technology partner Charge CCCV (C4V). Magnis also owns a 100% interest in the Nachu Graphite project in Tanzania and plans to build two battery plants, one in New York and another in Australia.
$100 million to refinance debt and accelerate growth
iM3NY has completed US$100 million IP financing in partnership with Atlas Credit Partners and Aon. This is a three-year loan facility that allows the company to further reduce its investment costs as it goes through different stages.
With the new loan, the company plans to refinance its four-year, US$50 million senior secured Riverstone loan, which the company secured last year in April.
The company said it is made ‘significant progress in building the initial phase of its first gigawatt-scale plant’ last year and plans to use some of that money to accelerate its growth plans.
iM3NY President and C4V President Dr. Shailesh Upreti said:
“While intellectual property is the lifeblood of any technology company that generates the majority of value, its importance in a very crowded market like lithium-ion batteries is even more consequential.” We continue to stay at the forefront of innovation by pioneering next-generation chemistry, industry-leading advanced cell designs and processes, and the associated supply chain.
Investors liked the announcement
The announcement boosted Magnis’ share price, which at the time of writing is trading at 0.49, up 6.5% from yesterday’s close.
PS: It is certainly the right time to get into lithium with record prices and Europe seeking to accelerate its energy transition.
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