Magnis Energy Technologies Ltd (ASX: MNS) shares are today charging higher as the company saw major success in its battery fast charging program. At the time of writing, the Magnis share price is up 5.26% to 20 cents after moving as high as 21 cents in intraday trading.
What does Magnis do?
Magnis Energy, formerly Magnis Resources, is an Australian-based company focused on lithium-ion battery manufacturing in Australia and the United States. The company also has an interest in pre-mine development of its Nachu Graphite project in Tanzania.
This activity is supplemented by involvement in the development and ultimately mining of natural flake graphite for use in various industries. Including, in particular, batteries for storing electrical energy.
What was announced?
The Magnis share price has shot up as the company announced it has had major success in its extra fast charging (EFC) battery program. The company will now advance to testing for optimised commercial cells.
Cycling results from the unoptimised cell, using C4V technology, produced very exciting results. For the batteries, over 1000 charges were conducted, with capacity maintaining strength above 80%. The EFC allows 85% charge in just six minutes. It is because of the exceptional results that Magnis has decided to commence testing of EFC on optimised cells.
Furthermore, a demonstration program in New York has commenced for a public transit technology and innovation program. The technology is planned to be developed in Binghamton, with testing taking place at BAE Systems before being installed on some New York City bus routes. The plan of the project is to remove 500,000 metric tonnes of carbon dioxide annually from the New York City metro area, whilst also increasing energy efficiency and lowering upfront costs.
Commenting on the update, Magnis Chairman, Frank Poullas, said, "The response from our fast charging announcement has been amazing with a number of major original equipment manufacturers contacting Magnis with discussions having kicked off."
Foolish takeaway
Back in early 2018, Magnis was one of the most tipped small caps by Australian fund managers. Unfortunately for shareholders, the Magnis share price has failed to live up to the hype as it has slumped 58% since 2018. However, recently the company has seen a strong turnaround with the Magnis share price gaining 300% since its March lows.
