The S&P/ASX 200 Index (ASX: XJO) is climbing 0.07% today, but this ASX lithium stock is absolutely exploding.
The Li-S Energy Ltd (ASX: LIS) share price soared 62.7% from 25.5 cents to 41.5 cents this morning before retreating. The company's share price is now rising 35% and trading at 34.5 cents.
So why is this ASX lithium stock charging higher today?
Image source: Getty Images
What's going on?
Li-S Energy is developing lithium sulfur and lithium metal batteries for use in electric vehicles (EV).
Today, Li-S Energy advised it has developed new 20-layer battery cells using third generation semi-solid state lithium sulfur technology.
The new battery cells have 45% more volumetric energy density due to lower porosity cathode material.
Li-S Energy is using a low-flammability electrolyte to make the 20-layer cells, making them safer.
Commenting on the news, Li-S Energy CEO Lee Finniear said:
The development of these new battery cells is another validation of the strength of our
scientific and technical teams, and our collaboration with Deakin University and other
Australian and international institutions.This outcome demonstrates the strength of our progress over the last year. In the coming months we look forward to commencing the production of commercial samples for our partners.
Li-S Energy share price snapshot
The Li-S Energy share price has fallen 58% in the last year. In the year to date, the company's share price has risen 8%.
For perspective, the ASX 200 has fallen 3.8% in the past year and climbed 2.7% in the year to date.
This ASX lithium stock has a market capitalisation of about $57 million based on the current share price.
