The lithium battery developer and to-be graphite miner Magnis Energy Technologies Ltd’s [ASX:MNS] share price is higher today after positive news about its fast-charging battery technology.
At time of writing, the MNS share price is up 12.07%, or 3.5 cents, to trade at 32.5 cents per share.
MNS shares spiked at the end of January in the lead up to their December quarterly activities report.
Although the report was overly positive, the share price retraced some of its previous gains on its release.
‘Game changing results’
In their market update today, MNS announced significant results from their fast-charging battery program using commercial battery cells.
MNS said they have produced results using a commercialised cell whereby the battery retains of 93% capacity after 600 cycles with a 30-minute charge and 30-minute discharge.
Importantly, the optimised cell is within 99% energy density of MNS’s regular battery.
Meaning there is minimal energy density loss in these new fast-charging cells.
While the technological advancement may excite some, the real excitement is the commercial prospects for MNS technology.
In partnership with the New York State Energy Research and Development Authority (NYSERDA), MNS will install these battery cells in some New York City bus routes.
The plan is to use these fast-charging batteries to remove some 500,000 tonnes of carbon dioxide annually from the New York City metro area.
And increase energy efficiency whilst lowering upfront costs in relation to the current system.
Next steps for Magnis Energy Share Price
MNS’s plan is to continue to optimise their battery cell technology.
They said they now plan to more aggressively test the cells to charge within six minutes to deliver 85% charge.
MNS chairman Frank Poullas commented on the milestone:
‘We are really excited by this technology from Day 1 as it will be a game changer for the commercial transportation industry.
Today’s announced results are an early step forward turning this technology into a commercialised product.’
MNS has other exciting projects on the go too.
Late last year MNS was given the nod of approval from the deputy prime minister for its ‘Big Battery’ technology for use in the Central West Orana Renewable Energy Zone.
Which could become a key piece of the massive disruption currently happening in Australia’s energy market.
A disruption rife with high-potential energy stocks — you can read more about that here.
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For Money Morning