Australian graphite producer Magnis Resources said it is acquiring a 10% stake in US based lithium-ion battery technology group Charge CCCV (C4V).
In addition, Magnis has secured an “exclusive agreement over selective patents” which it said will boost the company’s growth in the lithium batteries sector.
Under the terms of the deal, Magnis will pay $7.5 million for its stake, comprising an upfront consideration of $2m, $2.5m in fully paid ordinary shares in Magnis and a further $3m cash payment to be paid within the next 12 months.
According to Magnis, C4V Generation 1 battery compositions “are commercially viable today and feature cobalt and nickel free cathode chemistry that boasts higher voltage and longer cycle lifetime than currently available commercial materials”.
“In addition, compositionally-patented modifications at the crystal-level ensure leading safety,” Magnis said. “Design and optimisation efforts have been focused on cylindrical (2170 and 3270) and prismatic cells for production.”
Magnis’ investment comes after the firm revealed last year it had joined a consortium— including New York-based CV4— which planned to fast track a 15GWh lithium-ion battery manufacturing plant in New York State.
Last February, BBB reported that Magnis would hold a 45% stake in a new company building a 30GWh lithium-ion battery manufacturing plant in Germany.
