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Imperium3 received a charge Wednesday, one it hopes will power the economy in the Village of Endicott and Greater Binghamton for years to come.  Imperium3 New York Inc. (iM3NY) announced it has reached a critical funding threshold that will allow the lithium-ion battery manufacturer to build out its first Gigafactory, with production expected in early 2022. iM3NY has secured $85 million in funding, including a $50 million senior secured term loan from Riverstone Credit Partners and $35 million of equity funding. Magnis Energy Technologies invested $23.6 million in equity earlier this year. iM3NY also has $230 million of manufacturing assets in place, and the company said it is now “fully funded” with a capacity to generate over 1 gigawatt-hour of high-grade lithium-ion battery cells per year. The build-out of its first Gigafactory in the Huron Campus in Endicott, part of the former IBM campus, has already begun.

United statesChris potterM stanley whittinghamDaniel flanneryShailesh upretiEconomic development at binghamton universityBinghamton universityDepartment of defenseEmpire state developmentMagnis energy technologiesBinghamton incubator programBinghamton press sunYork incBinghamton university distinguished professor stanley whittinghamChemical energy storageExcelsior jobs program