iM3NY’s Lithium-ion Gigafactory’s $85 Million Financing

Simpson Thacher represented Riverstone Credit Partners in the deal.

Imperium3 New York Inc. (iM3NY), Riverstone Credit Partners, L.P. (Riverstone Credit Partners), Riverstone Holdings LLC (Riverstone), and Magnis Energy Technologies (Magnis) a listed company on the Australian Stock Exchange (MNS:ASX) announced the successful completion of significant funding for the development of iM3NY’s Lithium-ion Gigafactory in Endicott, NY.

iM3NY is now fully funded through a 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 begun with production expected in early 2022.

iM3NY’s total funding of $85 million includes a $50 million senior-secured term loan from Riverstone Credit Partners and $35 million of equity funding, of which $23.6 million is from investments made by Magnis earlier this year. Along with this funding, iM3NY has $230 million of manufacturing assets in place.

iM3NY is a leading technology company in lithium-ion battery products incorporating cutting-edge cathode technology developed in partnership with Charge CCCV LLC under an exclusive licensing agreement.

The Simpson Thacher team included Matthew Einbinder, Amy Beller, Margaret Selbe and Grant Gannon (Credit); Shamus Crosby, Ana Sanchez, Kyle Kreshover and Dustin Cooper (M&A); Sophie Staples, Jasmine Hay and Edward Grais (Tax); Lori Lesser and Kate Mirino (IP); Timothy Gallagher, Dennis Loiacono and Stephanie Brenner (Real Estate); Michael Isby (Environmental); Jonathan Pall (Collateral); and Jeanne Annarumma (ERISA).

Involved fees earner: Jeanne Annarumma – Simpson Thacher & Bartlett; Amy Beller – Simpson Thacher & Bartlett; Stephanie Brenner – Simpson Thacher & Bartlett; Dustin Cooper – Simpson Thacher & Bartlett; Shamus Crosby – Simpson Thacher & Bartlett; Matthew Einbinder – Simpson Thacher & Bartlett; Timothy Gallagher – Simpson Thacher & Bartlett; Grant Gannon – Simpson Thacher & Bartlett; Edward Grais – Simpson Thacher & Bartlett; Jasmine Hay – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Kyle Kreshover – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Dennis Loiacono – Simpson Thacher & Bartlett; Kate Mirino – Simpson Thacher & Bartlett; Jonathan Pall – Simpson Thacher & Bartlett; Ana Sanchez Restrepo – Simpson Thacher & Bartlett; Margaret Selbe – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Riverstone Credit Partners;

Author: Martina Bellini