Here's why the Magnis (ASX:MNS) share price is powering up 12% today

The Magnis Energy Technologies Ltd (ASX: MNS) share price is shooting 12% higher today after the release of a positive update. Here are the details.

| More on:
Two hands raised against eachother with lightning flashes between them, indicating and energy clash between fossil fuels and renewables

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

The Magnis Energy Technologies Ltd (ASX: MNS) share price is shooting higher today. This comes after the battery technology company released positive initial results for its fast charging (FC) battery program.

During afternoon trade, the company's shares are up 12.07% to 33 cents. In the first hour of trade this morning, the Magnis share price reached as high as 35.5 cents.

Magnis share price rises on significant results

The Magnis share price is on the move today as investors appear upbeat following the company's latest update.

In its announcement, Magnis reported that it has received initial successful test results in its FC battery program. Using optimised cells developed by partner company Charge CCCV, Magnis achieved 93% battery capacity retention after 600 cycles. This occurred by the company adopting a 30-minute charge and 30-minute discharge process.

Magnis advised that following the excellent outcome, it has moved to more aggressive tests with extra fast charging (EFC) batteries. The new test work will aim to attain an 85% charge within 6 minutes.

Magnis explained that its EFC tests are using optimised cells that have 99% energy density of a regular iM3 energy cell. This means that an FC battery cell can slow down energy density loss when compared to a traditional battery cell.

Market opportunity

Charge CCCV (which is the technology partner of Magnis) is engaged with commercial electric vehicle manufacturers to develop a low-cost sustainable EFC battery.

As announced in July last year, Charge CCCV will provide batteries for a New York demonstration bus trial, with the EFC system to be installed on some New York City bus routes. The program's purpose is to create a more environmentally friendly transportation alternative operating in one of the world's busiest cities. It's estimated that if the system is deployed city-wide, over 500,000 metric tonnes of carbon dioxide will be removed each year.

The EFC cells to be used in the bus program are expected to be completed and delivered sometime this week.

What did the head of Magnis say?

Magnis chair Frank Poullas hailed the milestone results, saying:

We are really excited by this technology from Day 1 as it will be a game changer for the commercial transport industry. Today's announced results are an early step forward toward turning this technology into a commercialised product.

The Magnis share price has accelerated by more than 300% over the last 12 months.

Motley Fool contributor Aaron Teboneras 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.

More on Share Market News

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why EML, GQG Partners, IGO, and Integrated Research shares are sinking today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of…

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why EOS, News Corp, Polynovo, and Pro Medicus shares are roaring higher today

These shares are starting the week positively. But why?

Read more »

A couple stares at the tv in shock, one holding the remote up ready to press.
Mergers & Acquisitions

Telstra share price climbs amid $3.4b Foxtel sale

Who is buying the Foxtel business? Let's find out.

Read more »

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company
Share Market News

Brokers say these ASX 200 growth stocks could rise 50% to 70%

Analysts think these shares could be dirt cheap and destined to generate big returns.

Read more »

Two people having a meeting using a laptop and tablet to discuss Seven West Media's balance sheet
Broker Notes

Why these ASX shares could be top SMSF options in 2025

Analysts are bullish on these high-quality shares. Let's find out why.

Read more »

The words short selling in red against a black background
Share Market News

These are the 10 most shorted ASX shares

Let's see which shares short sellers are targeting this week.

Read more »

Smiling man with phone in wheelchair watching stocks and trends on computer
Share Market News

5 things to watch on the ASX 200 on Monday

A good start to the week is expected for Aussie investors. Here's what to watch.

Read more »

A businessman compares the growth trajectory of property versus shares.
Opinions

What's the outlook for shares vs. property in 2025?

The experts have put out their new year predictions...

Read more »