Magnis Energy Technologies Project Welcomed by Deputy Prime Minister

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The share price of Magnis Energy Technologies Ltd [ASX:MNS] has climbed higher today thanks to support from the federal government for its ‘Big Battery’ pilot project.

MNS shares soared in July leading up to the company’s announcement of a breakthrough in its battery technology.

However, MNS shares entered a steady decline shortly after, despite a swath of seemingly positive news.

ASX MNS Share Price Chart - Magnis Energy

Source: Tradingview

At time of writing the MNS share price is up 5.71% or 1-cent to trade at 18.5 cents per share.

Deputy prime minister backs latest project

Today, the battery manufacture announced it had entered a memorandum of understanding with the University of Newcastle and Fletcher International Exports to integrate its technology at Fletcher’s processing plant in Dubbo.

Expected to commence next year, the project will be a pilot demonstration of ‘Big Battery’ technology, involving the installation of a 2.2MWh ‘plug and play’ battery.

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National Party Leader and Minister for Infrastructure, Transport and Regional Development, Matthew McCormack welcomed the partnership, commenting:

Its [sic] good to see the agricultural sector working closely with come of out brightest minds to develop new technology that will help the $31 billion industry grow.

The project will be situated in the heart of NSW’s developing Central West Orana Renewable Energy Zone.

And will be the first of a series of tech and storage pilot projects aiming to upgrade Australia’s energy mix in industrial, agricultural, processing and manufacturing sectors.

MNS Executive Chairman Frank Poullas commented:

Establishing a battery project with FIE and support by all forms of government om [sic] a region which is highlighted as a future renewable energy hub is exciting for all parties.

Agreements like these are a vital element in the company’s strategic pan to expend Lithium-ion battery cell offtake partnerships, at production in New York and then our plans for Australian manufacturing scales up.’

Outlook for Magnis Energy

MNS are right in saying that backing by all levels of government is a highlight, however that doesn’t mean the company can piggyback along on the government’s dime.

In fact, government handouts in the renewable sector are drying up, with private sector funding now flooding in to fill the gap.

Meaning we could see an increase in competition enter Australia’s renewable sector in the coming years.

Good news for consumers, not so good for companies like MNS.

That doesn’t mean the share price is going to fade away; it could begin to track upwards again.

It depends on how successful Magnis’ pilot project is.

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Lachlann Tierney

For Money Morning

About Lachlann Tierney

Lachlann Tierney is an Analyst for Money Morning and has been investing for nearly a decade. With a Masters of Science from the London School of Economics, he brings a sound understanding of global markets to his writing. Lachlann is interested in emerging technologies, energy solutions and helping people invest…

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