Magnis Energy Technologies Ltd. announced that it has entered into a Binding Offtake Agreement with Tesla Inc. for the supply of AAM beginning in February 2025 with fixed pricing. Details of the Agreement: Under the agreement Tesla will purchase a minimum of 17,500tpa starting from February 2025 with a maximum of 35,000tpa for a minimum 3-year term at a fixed price. The agreement is conditional on Magnis securing a final location for its commercial AAM facility by 30 June 2023, producing AAM from a pilot plant by 31 March 2024, commencing production from the commercial AAM facility by 1 February 2025, and customer qualification.
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