The State Government says Townsville is one step closer to having a $2 billion lithium-ion battery factory after it signed an assistance agreement with proponent Imperium 3.

Imperium 3 is an international joint venture led by Boston Energy and Innovation, Magnis Resources and Charge CCCV LLC, and the Queensland Government agreement follows an election commitment last year to provide up to $3.1 million for a feasibility study into this project.

“Today’s signing is great news for Townsville, and Queensland as a whole, as it means we are one step closer to making this facility a reality, along with the jobs it would bring to Townsville,” Premier Annastacia Palaszczuk said.

“I was in Boston in June this year at the BIO International Convention, as part of my trade delegation to the United States, where I observed the signing of a recommitment between Townsville City Council and Imperium 3 should the lithium-ion battery project progress to construction.

“In line with our Advance Queensland agenda, we are determined to make the most of the opportunities for the future, and by assisting to progress the feasibility study of this project, we hope to leverage considerable private sector investment into regional Queensland.

“Battery storage solutions are fundamental to making renewable energy reliable, and Imperium 3’s project would be supplying into a rapidly expanding market and would further develop Queensland’s advanced manufacturing capabilities in the renewable energy market.”

Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick said a senior team from his department had worked with Imperium 3 to finalise the assistance agreement to support the delivery of the feasibility study for the $2 billion lithium-ion battery manufacturing facility.

The Imperium 3 consortium has a project in New York that is more advanced and is providing a pathway for the Townsville project.