Magnis Energy Technologies Limited: New York Lithium-ion Battery Plant Update

Sydney, Australia - Magnis Energy Technologies Ltd. (ASX:MNS) (FRA:U1P) (OTCMKTS:URNXF) is pleased to provide an update on activities at the iM3NY Battery Plant based in Endicott, New York. Magnis is the major shareholder of the project.

Project Status and Recent Milestones

Overall project completion rate is at 29%.

Facility customisation work continues to gain momentum with the machinery roll out having begun. The internal works are nearing completion which includes repairs to the roof and floor. Dry room construction is to begin in October with materials having been received.

iM3NY has collaborated with Ramboll throughout the last few weeks to continue working through crucial design feed information as well as review the Issued For Review (IFR) Drawing Packages. iM3NY also reviewed electrical switchgear and Heating and Air Conditioning (HVAC) proposals provided by Ramboll which iM3NY then released Ramboll to procure. The electrical equipment purchased will be a part of the switchgear upgrade which will be the backbone to the process equipment power supply.

Permits

With the Environmental Justice plan having been approved, the air and aquifer permits remain outstanding. Public comments were received on the Air Permit and New York State Department of Environmental Conservation (NYSDEC) expects to have responses submitted and the Air Permit finalised in the near term.

The Aquifer Permit had a revision submitted following comments from a third party and the Town Wellhead Committee. Once the review is completed a special planning board meeting will need to be held to approve the Aquifer Permit. iM3NY and Ramboll are working to have the Aquifer Permit approved in October.

iM3NY CEO Chaitanya Sharma commented: "There will be major progress in the next few weeks and we look forward to providing updates to our stakeholders as we move towards semi-automated production."

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About Magnis Energy Technologies Limited:

Magnis Energy Technologies Ltd. (ASX:MNS) (OTCMKTS:URNXF) (FRA:U1P) aims to become a leading global producer of next-generation green credentialed Lithium-Ion Battery (LIB) cells, enabling the future energy requirements of the world, the global storage of renewable energy and electrification of transportation.

Leveraging off a world class graphite asset in Tanzania, associated production IP and a strategy partnership with US based Charge CCV, Magnis will manage an end to end supply chain, sourcing the raw materials and associated technologies for these cells.

Magnis has three core areas of focus which provide the Company with a strategic advantage; battery technologies, gigafactories and graphite.

Source:
Magnis Energy Technologies Ltd.

Contact:

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