New York lithium battery gigafactory receives $85 million funding

New York lithium battery gigafactory receives $85 million funding

New York lithium battery gigafactory receives $85 million funding 150 150 Energy Storage Journal

April 29, 2021: Imperium3 New York — iM3NY — announced on April 19 that it had secured $85 million in funding from investment firms Riverstone Credit Partners, Riverstone Holdings and Magnis Energy Technologies to back construction of its gigafactory at Endicott in New York State.

iM3BY’s gigafactory is now fully funded and will be able to manufacture an initial capacity of 1GWh of battery cells a year.

The build-out of the gigafactory has begun with production scheduled for early 2022, and Paul Stratton, senior vice president of sales and marketing, said their first market would be the commercial and residential markets.

“Although electric vehicles are a very attractive market where we believe our first product offers many competitive attributes, our first markets will focus on energy storage for solar and other sources, both commercial and residential,” he said.

“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.”

The batteries will be those designed by Charge CCCV (C4V) a R&D company founded by Shailesh Upreti, who has worked with and continues to be mentored by Nobel laureate Stanley Whittingham.

C4V and iM3NY have worked together for 10 years and the batteries produced in the new gigafactory will use their patented ‘bio mineralization’ technology, which the company says creates higher capacity, safer and longer cycling batteries at a lower cost.

“This breakthrough technology will service aggressive growth in a number of international markets,” iM3NY says. “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.

“The company’s substantial growth plans include building out 32GWh 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.”

“We have assembled a highly specialized team to take our technology to market in a timely fashion that will meet market needs that are growing exponentially,” said iM3NY CEO Chaitanya Sharma. “And now with combined investments from Riverstone and Magnis, we believe we have the right partners to support us as we build out our first gigafactory.”