The proposed A$3 billion ($2.2 billion) Townsville lithium-ion battery plant in Queensland, Australia has been given the green light to progress to the next stage after the Queensland government approved the plant's feasibility study.
Magnis Energy Technologies, a one-third owner of the plant's parent company Imperium3 Townsville, said Aug. 17 that the Queensland Department of State Development, Tourism and Innovation had approved the final claims relating to the feasibility study and the associated finance plan for the proposed plant.
This led to the Imperium3 board approving the investment decision to continue with the next stage of the 18-GWh plant, with the feasibility study sufficient for the company to progress talks with potential equity partners.
Magnis said the next phase of the project included completing and submitting a development application to the Townsville City Council and Imperium3 would also execute its funding strategy.
Imperium 3 aims to complete capital raising and make an investment decision on the plant by the end of June 2021, start construction by January 1, 2022 and start of operations by January 1, 2024.
Magnis Chairman Frank Poullas said: "Energy security is a major topic along with the creation of local manufacturing and employment," with the project ticking all these boxes.
The Townsville gigafactory is one of three lithium-ion battery manufacturing plants being planned in Australia and North America by Imperium3. One of the other two is a planned 15-GWh plant in New York State at the Huron Campus of Endicott.
