Magnis Energy Technologies (ASX: MNS; OTCQX: MNSEF; FSE: U1P) recently announced that it has entered into a Binding Offtake Agreement with multinational automotive, artificial intelligence, and clean energy company Tesla for the supply of Anode Active Materials (AAM).
Magnis Energy Technologies through its Tanzanian subsidiary Uranex Tanzania owns a 100% interest in the Nachu graphite project located near Ruangwa, in the southeast of Tanzania.
Under the agreement, Tesla will purchase a minimum of 17,500 tonnes per annum starting from February 2025 with a maximum of 35,000 tonnes per annum for a minimum 3-year term at a fixed price.
The agreement is conditional on Magnis securing a final location for its commercial AAM facility by 30 June 2023, producing AAM from a pilot plant by 31 March 2024, commencing production from the commercial AAM facility by 1 February 2025, and customer qualification.
The company is in the process of selecting a United States location for the AAM facility. The development of Pilot Plant facilities for the Nachu Graphite concentrate and AAM has commenced with equipment orders initiated and new hires recently appointed.
Technical aspects of producing AAM using Nachu graphite concentrate have been developed over a 7-year period at facilities based in New York.
The materials have been developed with environmentally sustainable processes that do not need any chemical or thermal purification.
Magnis Chairman Frank Poullas commented: “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.”
Nachu Graphite Anode
Magnis has produced a 99.97% purity high quality, high-performance coated spherical graphite lithium-ion battery anode product from Nachu graphite feedstock using C4V’s existing commercial scale technology and facilities.
The company explains the unique features of Nachu graphite are:
– The production of this anode product does not require any thermal and harsh chemical purification phase with acid treatment (HCl/HF).
– The intrinsic crystalline structure with minimal imperfections and low in-situ impurities within the Nachu mineralisation.
– The anode product delivered outstanding battery cell test results, with favourable electrochemical performance across key criteria relative to leading natural and synthetic commercial graphite anodes available in the market.
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