The Magnis Energy Technologies Ltd (ASX: MNS) share price is on course to end the year on a high.
In morning trade, the battery technology company's shares are up 10% to 56.5 cents.
Why is the Magnis Energy share price rising?
Investors have been bidding the Magnis Energy share price higher today after it announced significant results from the Extra Fast Charging (EFC) battery program being undertaken with 9.65%-owned partner Charge CCCV.
According to the release, following the success of an earlier program, the decision was made to fast track it using larger commercial cells.
This has led to the EFC program currently running with a 15-minute charge and variable discharge rate as part of initial test protocols. The company notes that to date, the results received have been very exciting with more than 250 cycles achieved without any capacity loss.
However, management isn't resting on its laurels. It is aiming to take the program to more than 3000 cycles and then run new programs at a higher current to achieve a 10-minute charge and then ultimately a 6-minute charge.
'Game-changer'
This is a big positive given the need for EFC batteries in industries such as transportation where vehicles are constantly on the road. Management feels the results announced today could be a "game changer" for these industries.
It highlights that batteries used for electric vehicles (EV) currently have up to 80% retention after approximately 1,000 cycles using lower charging rates. Furthermore, when constant fast charging rates are applied, the battery life decreases dramatically.
Magnis' chairman Frank Poullas commented: "Owners of EVs will understand the importance of EFC/FC technologies which are also imperative for a number of industries and today's initial results using commercial cells are very exciting. We look forward to providing further results in the near future and working towards producing these cells for commercial use at the iM3NY Lithium-ion Battery Plant."
