The Magnis Energy Technologies Ltd (ASX: MNS) share price is shooting higher today. This comes after the battery technology company released positive initial results for its fast charging (FC) battery program.
During afternoon trade, the company's shares are up 12.07% to 33 cents. In the first hour of trade this morning, the Magnis share price reached as high as 35.5 cents.
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Magnis share price rises on significant results
The Magnis share price is on the move today as investors appear upbeat following the company's latest update.
In its announcement, Magnis reported that it has received initial successful test results in its FC battery program. Using optimised cells developed by partner company Charge CCCV, Magnis achieved 93% battery capacity retention after 600 cycles. This occurred by the company adopting a 30-minute charge and 30-minute discharge process.
Magnis advised that following the excellent outcome, it has moved to more aggressive tests with extra fast charging (EFC) batteries. The new test work will aim to attain an 85% charge within 6 minutes.
Magnis explained that its EFC tests are using optimised cells that have 99% energy density of a regular iM3 energy cell. This means that an FC battery cell can slow down energy density loss when compared to a traditional battery cell.
Market opportunity
Charge CCCV (which is the technology partner of Magnis) is engaged with commercial electric vehicle manufacturers to develop a low-cost sustainable EFC battery.
As announced in July last year, Charge CCCV will provide batteries for a New York demonstration bus trial, with the EFC system to be installed on some New York City bus routes. The program's purpose is to create a more environmentally friendly transportation alternative operating in one of the world's busiest cities. It's estimated that if the system is deployed city-wide, over 500,000 metric tonnes of carbon dioxide will be removed each year.
The EFC cells to be used in the bus program are expected to be completed and delivered sometime this week.
What did the head of Magnis say?
Magnis chair Frank Poullas hailed the milestone results, saying:
We are really excited by this technology from Day 1 as it will be a game changer for the commercial transport industry. Today's announced results are an early step forward toward turning this technology into a commercialised product.
The Magnis share price has accelerated by more than 300% over the last 12 months.
