gigafactory
Architects impression of the finished facility. Image credit: Magnis Energy

Australia’s Queensland state government has approved the next stage of development of a AUD$3 billion ($2,17 billion) gigafactory, expected to enter operation by 2024.

The Queensland Department of State Development, Tourism and Innovation has approved a feasibility study for the intended 18GWh lithium-ion plant, led by graphite firm Magnis Technologies, which owns one-third of the project and will provide anode materials and technologies.

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Magnis is now seeking investment partners for further development.

The gigafactory, which is planned for the coastal city of Townsville, will be developed in three stages, with construction intended to start in January 2022, and the plant entering operation by January 2024.

The construction of the project is estimated to create approximately 2,000 new jobs and more than 1,000 jobs during operations.

Magnis chairman Frank Poullas noted: “Energy security is a major topic along with the creation of local manufacturing and employment in this current climate.

“This project ticks all the boxes and we look forward to progressing the Townsville project with our partners towards large scale production.”

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