Magnis Resources signs MoU with lithium-ion consortium

ASX-listed Magnis Resources has signed a MoU with German lithium-ion battery consortium TerraE for the supply of raw materials to TerraE Gigafactories.

The agreement further strengthens the position of Magnis Resources in the rapidly growing lithium-ion battery market, building on the company’s involvement in Gigafactories in Townsville and New York.

TerraE plans to build 34GWh of production capacity across two locations in Germany. First stage production is expected to commence in late 2019.

“We are excited to involve Magnis Resources with our project. It is important for TerraE to secure material supply long-term with strategic partners,” says CEO of TerraE Holger Gritzka.

“Magnis Resources is quickly becoming a major player in the lithium-ion battery revolution that is in its early stages. Our technology is being recognised by major players in this space and today’s announcement is further confirmation of this,” comments chairman of Magnis Resources, Frank Poullas.

“With involvement and ownership in future production currently at 64 GWh and quickly growing our aim is to be one of the leading players in the industry.”

TerraE Consortium and lithium-ion battery plant

TerraE was recently established with the target to setup mass production of lithium-ion battery cells of 34 GWh in Germany.

TerraE leads a project made up of 18 German companies and research institutes, which is planning the construction, development and fit-out of the Gigafactories during the next two years.

The consortium includes companies throughout the supply chain including infrastructure, manufacturing planners, material producers, machine engineering groups, cell manufacturers and industrial consumers.

Target markets that have been identified are power tools, electric vehicles, utility electric vehicles, energy storage systems and industrial sectors.

Feature image credit: Magnis Resources

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