The Imperium3 Townsville (IM3TSV) board has approved the investment decision for the development of the project
Magnis Energy Technologies has secured the Queensland government’s approval for feasibility study on A$3bn ($2.15bn) lithium-ion battery plant in Townsville, Australia.
The Queensland Department of State Development, Tourism and Innovation has approved the feasibility study for the project.
The Imperium3 Townsville (IM3TSV) board has approved the investment decision to proceed with the development of the project.
Now, the Imperium 3 consortium is preparing to seek investment partners for the next stages of the project development. It expects to complete capital raising and make an investment decision to begin the construction of the plant by January 2022 and commence operation by 1 January 2024.
Magnis chairman Frank Poullas said: “Energy security is a major topic along with the creation of local manufacturing and employment in this current climate.
“This project ticks all the boxes and we look forward to progressing the Townsville project with our partners towards large scale production.”
Magnis Energy plans to submit development application for the project
The company said that a development application will be completed and submitted to Townsville’s council for formal consideration and approval.
The consortium has been working with local businesses, community groups, state and local government.
This includes with Townsville’s council in pre-development application meetings, Edify Energy regarding the supply of low-cost renewable power to the facility.
It is also working with the Port of Townsville for transport and logistics solutions and James Cook University and the Queensland University of Technology for collaboration on future education and training, innovation and research facilitation.
IM3TSV is also working with GHD Group, Ausenco, and Norman Disney & Young, Rider Levett Bucknall and FKG Group to ensure the design and cost controls of the project and also to maximise local involvement and procurement.
In 2017, Magnis Resources has signed a Memorandum of Understanding (MOU) with German Lithium-ion battery consortium TerraE-Holding GmbH (TerraE) for the supply of raw materials.