The Magnis Energy Technologies Ltd (ASX: MNS) share price is having a strong finish to the week.
In afternoon trade, the vertically integrated lithium-ion battery company's shares are up 10% to 48 cents.
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Why is the Magnis share price shooting higher?
Investors have been bidding the Magnis share price higher today in response to the release of a positive announcement.
That release included an update on activities at the iM3NY Battery Plant based in Endicott, New York. Magnis is the major shareholder of the project.
According to the release, the overall project completion rate was 63% at the end of February.
This follows the Imperium team collaborating with EPC contractor Ramboll throughout the period and completing several mechanical, civil and electrical works. Progress was also made on several key items, with two new hires made during the month and vacancies for another eleven new positions.
What is the iM3NY Battery Plant?
Once constructed, the iM3NY Battery Plant has aggressive plans to scale up to 32GWh of annual production by 2030.
This will make it North America's largest home-grown factory in the global Li-ion battery cell manufacturing market. It will also be the only non-China supplier capable of meeting both domestic and global demand.
Management commentary
iM3NY's CEO, Chaitanya Sharma, commented: "We are working around the clock to meet our target which is on track to begin fully automated production in the next quarter. Potential customers and investors are coming in every week and discussions keep progressing."
Magnis' Chairman, Frank Poullas, added: "The shortage of cells in the marketplace continues to grow coupled with the increases in nickel and cobalt prices, timing could not be better for production in 2022."
