Magnis Energy (ASX:MNS) share price leaps 6% on lithium battery update

The New York lithium-ion battery plant is almost complete…

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The Magnis Energy Technologies Ltd (ASX: MNS) share price is pushing higher today after the company provided a project update.

At the time of writing, Magnis shares are up 5.33% to 40 cents apiece. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.049% to 7,732.30 points.

What did Magnis announce?

In its release, Magnis advised that Imperium3 New York (iM3NY) has received the approval for the Aquifer Permit. This is the last approval required for near term production at the iM3NY Battery Plant based in Endicott, New York.

Magnis is a major shareholder with roughly a 60% stake in iM3NY, a New York based Lithium-ion Battery plant.

iM3NY plant is fully funded to begin commercial production and scale up to 1.8 GWh, starting in the first-half of 2022. This will make it one of the largest players in the United States lithium-ion battery cell manufacturing market.

Currently, China is the global leader on lithium-ion batteries, however, the United States is quickly closing the gap.

The Aquifer Permit was officially approved by the Village of Endicott. The approval combined with the recently granted Air Permit and The Environmental Justice Plan is all the permits required by iM3NY for near term production.

The company holds cell design, process and supply chain licensing, along with C4V's cathode and anode technology for the United States market. This means that the anode and cathode produced with the C4V license cannot be sold to any other cell manufacturer in the country.

A special report by Abt Associates suggests such batteries contain at least 87% less dirty energy per kWh versus comparable batteries making them one of the greenest batteries in the world.

iM3NY CEO, Chaitanya Sharma commented

The is very important day for iM3NY, it is a huge milestone after many months of hard work. We now have all permits in place for near term production. Semi-Automated production is on track for this quarter and we are putting in long hours to achieve this major milestone.

About the Magnis share price

In the past 12 months, Magnis shares have boasted a gain of around 110% from continued positive investor sentiment. The company's share price charged higher in late January after announcing a deal with the United States government.

Based on today's price, Magnis presides a market capitalisation of roughly $367.13 million, with approximately 929.4 million shares on hand.

Motley Fool contributor Aaron Teboneras has no position 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.

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