Magnis Energy Technologies Share Price Up 10% (ASX:MNS)

The share price of Sydney-based lithium-ion battery manufacturer jumped up 10.81% to trade at 20.5 cents at the time of writing.

Magnis Energy Technologies Ltd [ASX:MNS] is forging ahead in the fast charging battery category.

ASX MNS Share Price Chart

Source: Optuma

What’s happening at Magnis Energy Technologies?

The company is involved in the development of lithium-ion batteries, which in today’s world are increasingly popular, being used in everything from cars to energy storage in homes.

As with most things in life people usually want it all done now, and this is very true for batteries — what good is a battery-operated car that you want to drive today but won’t be charged ‘til next week? None!

Developing a battery that can charge extra fast is a much-wanted item in today’s world.

Magnis Energy Technologies have spent considerable effort putting all the pieces together to become a potential leader in the space of extra fast charging technology, even going as far as taking 100% ownership of a graphite mine in Tanzania.

The company also assembled an impressive board that includes Professor M Stanley Whittingham — who has over four decades of experience in the lithium-ion battery space, which helped earn him a Nobel Prize in chemistry in 2019.

All things look to be pointing in the right direction.

Where to from here for the MNS share price?

The company recently announced game-changing results for their extra fast charge batteries (EFC), with EFC allowing 85% charge in six minutes.

The response from our fast charging announcement has been amazing with a number of major OME’s contacting Magnis with discussions having kicked off’, mentioned Magnis chairman Frank Poullas.
ASX MNS Share Price Chart 2

Source: Optuma

The price moved up from the recent low of 18.1 cents, should this continue, then the levels of 21.7 and 24.1 cents may provide future resistance.

If the price were to take another fall, then it may come back to test the previous level of 18.1 cents.

With battery technology becoming so important nowadays, it puts lithium at a premium.

In this new report, Money Morning’s Ryan Dinse reveals why he is convinced that lithium is going to rebound in 2020. Get the FREE Report here now.

Regards,

Carl Wittkopp,
For Money Morning


Carl Wittkopp writes for Money Morning and has a diploma in Financial Planning. He specialises in technical analysis.

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