Written by: Leonard Parker | Solar News | 27th April
Imperium3 New York Inc. (iM3NY) has funding all set to develop its Lithium-ion Gigafactory in Endicott, New York. The build-out has already begun with production expected in early 2022. iM3NY has an exclusive North American technology license agreement with Charge CCCV LLC (C4V), a Binghamton, NY-based R&D company with IP for more eco-friendly lithium-ion batteries. Paul Stratton, SVP of marketing, says the majority of this capacity is targeted at distributed generation.
“Although EV is a very attractive market where we believe our first product offers many competitive attributes, our first markets will focus on ESS for solar and other sources – both commercial and residential,” Stratton says. ““We have 6 signed agreements with customers at this stage and expect more in the coming months. Conversations have begun with some major customers who will have volume requirements that exceed 1 GW and thus align with expansion plans in the near future.”
Funding: Total funding of $85 million includes a $50 million senior secured term loan from Riverstone Credit Partners and $35 million of equity funding, of which $23.6 million is from investments made by Magnis earlier this year. Along with this funding, iM3NY has $230 million of manufacturing assets in place. Additionally, Empire State Development has offered performance-based incentives totaling $7.5 million, including a $4 million Upstate Revitalization Initiative grant and $3.5 million in Excelsior Jobs Program tax credits in exchange for job creation commitments for the iM3NY project.
Battery cell tech: iM3NY’s first-generation batteries will incorporate C4V’s patented Bio Mineralization technology with its proprietary BMLMP (bio-mineralized lithium mixed metal phosphate) process to produce higher capacity, safer, longer cycling and lower-cost batteries versus all other competitors in the category. This breakthrough technology will service aggressive growth in a number of international markets. In the US, iM3NY is part of the supply chain for the Department of Defense and is supporting the electrification of several large US corporations.
“Our product will achieve extended life cycles over others, up to 4,500 at present and possibly many more as we gain more test data,” Stratton says. “We also have safety advantages, extended capacity over other LFP / LMP cells and we are proud to be the greenest lithium ion battery offered by any manufacturer.”
C4V was founded by Dr. Shailesh Upreti who has previously worked with Distinguished Professor Stanley Whittingham, a Nobel laureate for his work on lithium-ion battery development and a resident professor at Binghamton University
Timeline: Over the next year, iM3NY will seek to employ about 150 people within the manufacturing operation and its headquarters located adjacent to the factory. The company’s substantial growth plans include building out 32 GWh of capacity over eight years, which will create direct employment opportunities for approximately 2,500 people. The company envisions further employment opportunities as vital supply chain partners co-locate to Endicott to better integrate with iM3NY Gigafactory.