Magnis Resources Limited teams up with TerraE
Magnis has announced the signing of a Memorandum of Understanding with German Lithium-ion battery consortium TerraE-Holding GmbH (TerraE) for the supply of raw materials.
Under the agreement, Magnis will supply raw materials to the TerraE Gigafactories. TerraE plans to build 34GWh of production capacity across two locations in Germany with the first stage of production expected to commence in late 2019.
The agreement further strengthens Magnis’ position in the rapidly growing Lithium-ion battery market, building on the company’s involvement in Gigafactories in Townsville and New York.
CEO of TerraE Holger Gritzka commented: “We are excited to involve Magnis with our project. It is important for TerraE to secure material supply long-term with strategic partners”.
Chairman of Magnis Frank Poullas commented: “Magnis 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. With involvement and ownership in future production currently at 64GWh 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.