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NY Gov. Cuomo grants US$13.25M in funding for lithium gigafactory

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NY Gov. Cuomo grants US$13.25M in funding for lithium gigafactory

New York Gov. Andrew Cuomo granted US$13.25 million in funding for the first stage of production at the New York lithium-ion gigafactory, to be located at the Huron Campus in upstate New York.

Magnis Resources Ltd. is a one-third owner of the global consortium, which received the funding, according to an Oct. 5 news release.

The first-stage production capacity, totaling 3 GWh, is expected to be ready in the second half of 2019 at a cost of US$130 million.

The joint development agreement for a 15-GWh lithium-ion battery plant was signed in May by Magnis, Charge CCCV, Boston Energy and Innovation, C&D Assembly and Primet Precision Materials.