ENDICOTT, N.Y.--(BUSINESS WIRE)--Imperium3 New York Inc. (iM3NY), Riverstone Credit Partners, L.P. (Riverstone Credit Partners), Riverstone Holdings LLC (Riverstone), and Magnis Energy Technologies (Magnis) a listed company on the Australian Stock Exchange (MNS:ASX) announce the successful completion of significant funding for the development of iM3NY’s Lithium-ion Gigafactory in Endicott, NY.
iM3NY is now fully funded through a capacity to generate over 1 gigawatt-hour (GWh) of high-grade lithium-ion battery cells per year. The build-out of its first Gigafactory has begun with production expected in early 2022.
iM3NY’s total funding of $85 million includes a $50 million senior-secured term loan from Riverstone Credit Partners and $35 million of equity funding, of which $23.6 million is from investments made by Magnis earlier this year. Along with this funding, iM3NY has $230 million of manufacturing assets in place.
Additionally, Empire State Development has offered performance-based incentives totaling $7.5 million, including a $4 million Upstate Revitalization Initiative grant and $3.5 million in Excelsior Jobs Program tax credits in exchange for job creation commitments for the iM3NY project.
iM3NY has an exclusive North American technology license agreement with Charge CCCV LLC (C4V), a Binghamton, NY-based R&D company with IP/patented technologies in the development and design of environmentally friendly lithium-ion batteries. C4V was founded by Dr. Shailesh Upreti who has previously worked with Distinguished Professor Stanley Whittingham, a Nobel laureate for his work on lithium-ion battery development and a resident professor at Binghamton University. Dr. Upreti has been receiving a continued mentorship from Prof. Whittingham and C4V gets extensive support from the infrastructure at Binghamton University, including the NorthEast Center for Chemical Energy Storage (NECCES) and the Binghamton Incubator Program with the Start-Up Suites and the Koffman Southern Tier Incubator for its continued research in new, ground-breaking and environmentally sustainable battery cell technologies.
iM3NY's first generation batteries will incorporate C4V's patented Bio Mineralization technology with its proprietary BMLMP (bio-mineralized lithium mixed metal phosphate) process to produce higher capacity, safer, longer cycling and lower cost batteries versus all other competitors in the category. This breakthrough technology will service aggressive growth in a number of international markets. In the US, iM3NY is part of the supply chain for the Department of Defense and is supporting the electrification of several large US corporations.
To view the full press release, please visit: im3ny.com/news-release