Future Lithium-ion Battery Producer’s New York Battery Plant gets tick of approval

Jane Morgan Management

ASX listed Magnis Energy Limited (MNS) has today announced that it has completed a valuation on its lithium-ion battery cell manufacturing facility in New York as part of the due diligence process for project financing.

The independent valuation, which was completed by O’Brian & Gere, a wholly owned subsidiary of Dutch engineering giant Ramboll Group on the battery plant came in at $US71.34 million.

The valuation began in August 2019 and went through all the items purchased as part of the acquisition made in early 2018. In the current condition of the equipment the report attributes a valuation today of US$71.34 Million (A$105.5 Million). With Magnis having an ownership of over 50% in iM3NY through its direct and indirect holdings including its stake in C4V, a value of approximately A$53 Million can be attributed to Magnis’ share in the value of the equipment.

Magnis Managing Director Marc Vogts

/Public Release.