Magnis Consortium to Build Indian Government’s First Lithium-Ion Gigafactory

• Magnis – LIBCOIN consortium in final talks to build India’s first Lithium-ion Gigafactory with Government majority owned Bharat Heavy Electricals Limited (BHEL)
• Magnis Energy has a 20% fixed non-dilutive ownership of LIBCOIN
• Initial 1GWh plant to be scaled up to 30GWh
• BHEL is India’s largest power generation equipment manufacturer
• Final Stage discussions under way with binding agreements expected to be signed shortly
• India takes steps into its energy security and clean energy commitment to the world
• Announcement made by India’s Ministry of Heavy Industries and Public Enterprises
• Project to be part of Prime Minister Modi’s “Make in India, for India” program

Magnis Energy Technologies Limited (ASX:MNS) is pleased to announce that the Government of India, Ministry of Heavy Industries and Public Enterprises advises that Bharat Heavy Electricals Limited (BHEL) and LIBCOIN (20% owned by Magnis) are set to build India’s first Lithium-ion Battery Gigafactory.

LIBCOIN Chairman Rajan Duggal commented: “Our plan is to be the largest Lithium-ion Battery manufacturer in India, and we aim to be the first mover in one of the world’s largest markets. The interest this project is generating especially in the Indian automobile sector is very exciting.”

Magnis Chairman Frank Poullas commented: “To have The Central Government of India endorse this project is very encouraging for both Magnis and its partners. We see India as one of the largest markets in the world for Lithium-ion batteries and to potentially build one of the world’s largest Lithium-ion battery Gigafactories with a partner who possesses the skill and expertise of BHEL is exciting for the company.”