Here's why the Magnis (ASX:MNS) share price is powering ahead today

The company's shares are off to a fine start.

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asx share price increase represented by golden dollar sign rocketing out from white domes of lithium

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The Magnis Energy Technologies Ltd (ASX: MNS) share price is powering ahead on Wednesday. This comes after the battery technology company announced a milestone achievement for the New York lithium-ion battery plant.

At the time of writing, Magnis shares are fetching 47.5 cents apiece, up 4.40%.

What did Magnis announce?

Investors are pushing Magnis shares higher following the company's latest positive release.

In a statement to the ASX, Magnis advised that it has commenced semi-automated production at the iM3NY Battery Plant.

Based in Endicott, New York, the facility is expected to 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.

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

Achieving semi-automated production is an important phase where batches of cells are produced for both marketing and due diligence purposes.

The volume of power output is set to continue increasing at the plant to fully automated production.

Magnis chair, Frank Poullas commented:

2021 has been an amazing year for iM3NY and to achieve semi-automated production utilising the equipment we purchased over the last couple of years is a major milestone and the significance cannot be understated as the project continues to be de-risked.

We look forward to producing revenues in 2022 and laying down the foundation to grow production exponentially towards our goal of 32GWh of annual production.

About the Magnis share price

In the past 12 months, Magnis shares have boasted a gain of around 150% from continued positive investor sentiment. The company's share price charged higher in late October after receiving an aquifer permit approval for the lithium-ion battery plant.

Based on today's price, Magnis has a market capitalisation of around $469.71 million, with roughly 978.56 million shares on issue.

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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