Planned battery plant to generate 1150 jobs
TOWNSVILLE'S planned battery plant will be bigger than initially thought with the company behind it revealing new details of its size.
Magnis Energy Technologies is part of the Imperium 3 consortium which is planning the factory.
In the company's quarterly activities report, it was revealed the proposed Townsville battery plant would now be 20 per cent bigger.
Originally planned as a 15GWh lithium-ion cell manufacturing facility, the plant will be built as an 18GWh plant.
Magnis chairman Frank Poullas said the company believed the economics of the project worked best at the bigger size.
The Magnis report, released this week, also revealed the battery plant would be built in stages.
"Subsequent design work resulted in a modular design that captured economies of scale whilst allowing the project to be staged," it said.
An initial draft version of the feasibility study has been given to the State Government in "recent days" and Mr Poullas said the final document would be ready by next month.
The State Government gave $3.1 million to Imperium 3 for the feasibility study in August last year.
"We are receiving a great deal of interest from banks and institutions both locally and overseas in regards to the funding of the project," Mr Poullas said.
"With the extensive work we've done regarding the plant, we are really excited not only for Townsville but for Australia.
"Apart from the employment it will produce for the city, it will be a huge economic driver for the country."
The $2 billion battery plant will manufacture next-generation lithium-ion battery cells.
It is planned to be built at Woodstock.
In its statement to the Australian Stock Exchange, the company said the business case for the facility was continuing to "positively evolve".
It said there were strong battery market fundamentals with the growth in electrical vehicle sales increasing and increasing government support for renewable projects.
The battery plant has been given widespread support from the State Government as well as Townsville City Council for the opportunities it will create from a range of perspectives.
Magnis said the project would generate about 1150 jobs.