The company is tracking along with its biggest project.
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At the time of writing, Magnis shares are up 5.56% to 38 cents apiece. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.26% to 7,780 points.
What did Magnis announce?
In a statement to the ASX, Magnis advised that the project status of its New York plant is 23% completed.
The company has completed initial works including the internal building clear-out. Now, facility customisation work has commenced with machinery roll-out to start next month. Furthermore, construction material for the facility has continued to arrive at the factory.
The iM3NY team collaborated with Ramboll to continue advancing the lithium battery plant’s design feed information. This includes progress on a number of detailed engineering design works to bring the project online.
Following the Environmental Justice plan approval, the company’s Air Permit application, currently at the public review stage, has received no objections to date. It is expected to be given the green light sometime in the near future.
The company also appointed experienced renewable energy specialist Lukasz Cianciara as Director of Investments.
Mr Cianciara has spent more than 30 years in Senior Level Capital Markets, working for a variety of high-profile companies. They include Citadel Investment Group, Castlepines Global Equity, Brean Capital, CIBC, Sumitomo Bank Capital Markets and Credit Lyonnais.
iM3NY CEO Chaitanya Sharma noted the company’s rapid developments, saying:
There is some serious progress made to date, with things about to ramp up from this point on, which is exciting for our ever-growing team. We are working tirelessly to achieve our milestones on time and on budget.
Magnis chair Frank Poullas added:
Great progress continues to be made and the appointment of Lukasz is a major milestone as iM3NY looks towards a US Listing.
Magnis share price snapshot
Over the last 12 months, the Magnis share price has soared almost 90%. This came off the back of the US government awarding a lithium-ion battery supply contract to Magnis’ partner, C4V.
On valuation grounds, Magnis presides a market capitalisation of roughly $353 million with approximately 929 million shares on its registry.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.