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.