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Australian graphite producer Magnis Energy gets about $15 mln funding for expansion

Reuters
·1 min read

Aug 3 (Reuters) - Australia's Magnis Energy Technologies Ltd said on Tuesday it secured A$20 million ($14.7 million) from two U.S.-based investors to fund its expansion in the lithium-ion battery industry.

Considered critical minerals, graphite and lithium are used in a wide range of applications, including electric vehicles' batteries. The lithium-ion battery sector is benefiting from rising prices of the raw material amid robust demand.

Magnis said A$13 million of the funds would be invested into its majority-owned energy storage systems provider Imperium3 New York to assist with its potential listing on either the Nasdaq or the New York Stock Exchange.

Part of the investment, provided by Lind Partners and SBC Global Investment, would also be used to undertake work at the Nachu graphite project in Tanzania and the Townswille battery plant, it said. ($1 = 1.3587 Australian dollars) (Reporting by Tejaswi Marthi; Editing by Rashmi Aich)