Magnis Energy Technologies Limited (MNS.AX) Subsidiary iM3NY Completes Refinancing

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Magnis Energy Technologies Limited

Magnis Energy Technologies Limited (MNS.AX) Subsidiary iM3NY Completes Refinancing

Sydney, Australia, April 19, 2022 – (ABN Newswire) – Magnis Energy Technologies Ltd (ASX:MNS) (HAM:U1P) (OTCMKTS:MNSEF) is very pleased to announce that its lithium-ion battery manufacturing project at the Gigawatt Scale and its subsidiary Imperium3 New York, Inc. (“iM3NY”) closed a three-year, US$100 million intellectual property-based financing (the “Loan Facility”), in partnership with Atlas Credit Partners (“ACP”) and Aon. Magnis and its joint venture and technology partner Charge CCCV LLC (“C4V”) are the major shareholders of iM3NY.

– IP-based financing concluded with Aon and Atlas Credit Partners

– Funds will be used to accelerate expansion and pay off previous debt

– Accelerated expansion needed to meet anticipated strong demand from potential major customers following positive meetings

– Strong validation of C4V’s patented technology through an IP-backed loan with credit insurance arranged by Aon

The loan facility refinances the existing $50 million four-year senior Riverstone secured loan secured by iM3NY in April 2021 and supports iM3NY’s long-term growth plans. Over the past year, iM3NY has made significant progress building the initial phase of its first gigawatt-scale plant and a portion of the net proceeds will be used to accelerate its growth plans as it seeks to increase its production.

The new loan facility is for a three-year term and provides additional capital cost reductions for iM3NY based on certain milestones. The loan facility reduces iM3NY’s cost of capital and provides additional liquidity to the project’s balance sheet, significantly increasing its financial flexibility and ability to take advantage of new opportunities.

The key material terms of the Loan Facility are disclosed in Appendix A. In addition, Appendix B provides additional information on the Loan Facility Partners.

iM3NY President and C4V Chairman, 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 important. We continue to stay at the forefront of innovation by pioneering next-generation chemistry, industry-leading advanced cellular designs and processes, and the associated supply chain. »

“While C4V’s cobalt-free and nickel-free BMLMP cell technology offers best-in-class security and superior performance, we are now poised to bring this technology to market as a leading large-scale product in the market. “iM3NY. At C4V, we diligently innovate new molecules, and at iM3NY, we are committed to making them available to our customers to help them achieve their electrification goals faster and greener.”

“Partnering with companies such as Atlas Credit Partners and Aon underscores our leadership position in the market and is a direct result of the hard work of the C4V and iM3NY team. I would like to thank the ACP and Aon teams for their efforts tireless and I look forward to having both C4V and iM3NY as long-term partners.”

iM3NY CEO Chaitanya Sharma said, “We are delighted to welcome Aon and ACP to our growing family of partners as we prepare to begin production from our Gigafactory in the coming months. This funding will be used to accelerate our production ramp-up plans and bring our cells to the service of our trusted customers. 2022 has been and will continue to be a very exciting chapter in the iM3NY success story.”

Atlas Credit Partners Managing Partner Drew Mallozzi commented, “We are both privileged and excited to once again partner with the iM3NY team to create another value-added capital solution. Together with Aon, our structure will enable iM3NY to continue its path as a key player in the global electrification trend.

About Magnis Energy Technologies Limited:

Magnis Energy Technologies Limited (ASX:MNS) (OTCMKTS:MNSEF) (FRA:U1P) is involved in and has strategic investments in several aspects of the electrification supply chain, including the manufacture of lithium- certified green ions, advanced battery technology and high quality, high performance anode materials. The company’s vision is to enable, support and accelerate the green energy transition essential to the adoption of electric mobility and renewable energy storage.

Contact:

Frank Poullas
Executive Chairman
Telephone: +61 2 8397 9888
www.magnis.com.au

Source:
Magnis Energy Technologies Limited

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