Magnis Energy Technologies has signed an offtake agreement with Tesla to supply at least 17,500 tonnes annually of anode active materials (AAM) from February 2025.
The deal allows Magnis to supply Tesla for at least three years at a fixed price and includes a customer option to increase supply to 35,000 tonnes annually.
The agreement is conditional on Magnis securing a final location for its commercial AAM facility by June 30 this year, producing AAM from a pilot plant by March 31, 2024, commencing production from the commercial AAM facility by February 1, 2025, and customer qualification.
It is selecting a US location for the AAM facility.
The development of pilot plant facilities for both Nachu (Tanzania) Graphite concentrate and AAM has started with equipment orders initiated and new hires recently appointed.
Technical aspects of producing AAM using Nachu graphite concentrate have been developed over seven years at New York facilities.
“We are really excited to bring our high performing AAM to market that requires no chemical or thermal purification throughout the whole process, which differentiates this sustainable material in the market and provides great value to all parties,” says Magnis chairman Frank Poullas.
Magnis Energy Technologies Ltd is a vertically integrated lithium-ion battery technology and materials company in the lithium-ion battery supply chain.
The company’s US-based subsidiary Imperium3 New York operates a gigawatt scale lithium-ion battery manufacturing plant in Endicott, New York.
Magnis aims to enable, support and accelerate the mass adoption of electric mobility and renewable energy storage critical for the green energy transition.
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