Guess which ASX lithium stock just rocketed 60%

Why is this lithium share soaring today?

Rocket powering up and symbolising a rising share price.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • This lithium share soared more than 60% before pulling back 
  • The company has developed new battery cells 
  • The cells were made at a production facility in Geelong, Victoria 

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?

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.

Motley Fool contributor Monica O'Shea 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 Scott Phillips.

More on Share Gainers

Top ten gold trophy.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors endured a sour end to the trading week today.

Read more »

A young woman holding her phone smiles broadly and looks excited, after receiving good news.
Share Gainers

Why Boral, FBR, Origin, and Regis Resources shares are pushing higher today

These ASX shares are ending the week positively. But why?

Read more »

A woman is excited as she reads the latest rumour on her phone.
Share Gainers

Why Computershare, Core Lithium, Northern Star, and Vulcan Energy shares are storming higher

These ASX shares are avoiding the market weakness. But why?

Read more »

Two happy excited friends in euphoria mood after winning in a bet with a smartphone in hand.
Materials Shares

How has the Liontown share price rocketed 15% in a week?

There's one factor that might explain Liontown's explosive performance of late.

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why EOS, Novonix, St Barbara, and Whitehaven Coal shares are storming higher

These ASX shares are having strong sessions. But why?

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a strong showing from ASX shares this Tuesday.

Read more »

two people celebrating good news, stock rise, price increase, positive announcement
Share Gainers

Why Ansell, Elders, Predictive Discovery, and Rio Tinto shares are storming higher

These ASX shares are having a strong session. But why?

Read more »

Ten smiling business people wave to the camera after receiving some winning company news.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX's trading week was off to an encouraging start this Monday.

Read more »