Magnis Energy (ASX:MNS) share price lifts 11% on battery plant update

The energy company provided an update today.

| More on:
asx share price growth represented by cartoon man flexing biceps in front of charged battery

Image source: Getty Images

The Magnis Energy Technologies Ltd (ASX: MNS) share price has jumped into the green during this afternoon’s session.

To illustrate, Magnis Energy shares are now exchanging hands at 31 cents apiece, a 10.71% climb into the green from the market open.

What’s behind Magnis Energy shares today?

Magnis provided an update about its New York Battery Plant, claiming the “status (is) 17.85% complete”.

Moreover, Magnis announced it had signed an “additional binding contract” with a “US Government supplier” for US$74 million over the coming 4 years.

The above sales contract comes in addition to the $655 million in binding sales agreements announced earlier in May 2021.

Magnis’ total of minimum binding sales agreements now surmounts to US$729 million, “or a little below AU$1 billion”.

Furthermore, Magnis announced that it had secured an Environmental Justice Plan, in addition to submitting air and aquifer permits.

Speaking on the announcement, Frank Poullas from Magnis said:

We are encouraged by the progress at the New York Lithium-ion Battery Plant which remains on track for semi-automated production this year.

Today’s gains extend a 17% run into the green for the Magnis Energy share price over the past week.

Magnis Energy share price snapshot

The Magnis Energy share price has posted a year to date gain of 58%, extending the previous 12 month’s return of 58%.

Magnis shares have outpaced the S&P/ASX 200 Index (ASX: XJO)’s results of 26% into the green over the past year.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers