Imperium3 Townsville is moving ahead with its planned $3 billion North Queensland lithium-ion battery plant after receiving State approval on the project feasibility study.
Magnis Energy Technologies, one-third owner of iM3TSV, announced the approval today and said the board had formally approved investment to proceed to the next stage of development.
it said the Imperium3 consortium was now finalising presentations and associated documentation to seek investment partners.
Discussions are continuing with federal, state and local government agencies along with private and public enterprises.
iM3TSV is targeting the following project milestones:
- complete capital raising and make an investment decision to proceed with construction by June 30 2021
- commence construction by January 1 2022
- commence operation of a commercial facility by January 1 2024
Magnis said the next steps would be to complete and submit a development application to the Townsville City Council, and to execute its project funding strategy under advice from NAB.