iM3NY Secures $85M to Build Lithium-ion Gigafactory in the Southern Tier
Last week, Imperium3 New York Inc. (iM3NY), a member of the Koffman Southern Tier Incubator (KSTI), announced the successful completion of a significant funding round for the development of its first Lithium-ion Gigafactory in Endicott, NY.
The technology company’s total funding of $85 million includes a $50 million loan from Riverstone Credit Partners and $35 million in equity funding, of which $23.6 million is from investments made by Magnis Energy Technologies earlier this year. Additionally, iM3NY has $230 million of manufacturing assets in place.
“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 Chaitanya Sharma, CEO of iM3NY. “Now with the combined investments from Riverstone Credit Partners and Magnis Energy Technologies, we believe we have the right partners to support us as we build out our first Gigafactory and begin to establish iM3NY as a dominant player in the market.”
iM3NY has an exclusive North American technology license agreement with Charge CCCV LLC (C4V), another KSTI member company and a Binghamton, NY-based R&D company with IP and patented technologies in the development and design of environmentally friendly lithium-ion batteries. 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.
iM3NY is now fully funded with the capacity to generate over 1 gigawatt-hour (GWh) of high-grade lithium-ion battery cells per year. The build-out of its first Gigafactory has already begun with production expected in early 2022.
The iM3NY Gigafactory is expected to bring significant economic benefit to Endicott, previously home to IBM and other major employers. 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 individuals. The company envisions further employment opportunities as vital supply chain partners co-locate to Endicott to better integrate with the iM3NY Gigafactory.
“We are excited that clean energy technologies developed by our incubator companies C4V and IM3NY will result in significant economic impact on the regional economy,” said Dr. Per Stromhaug, Assistant Vice President for Innovation and Economic Development at Binghamton University.
Read more about iM3NY and its plan to develop clean energy infrastructure and jobs in the Southern Tier on the Koffman Southern Tier Incubator blog.