Australia's Magnis Energy gains on battery programme results

Ryzon Materials

31/12/2021 24:35

** Shares of lithium ion battery maker Magnis Energy
Technologies  MNS.AX  jump as much as 12.6% to A$0.580, their
highest since Nov. 25
    ** MNS announces https://www.asx.com.au/asxpdf/20211231/pdf/454nppcdgm7khn.pdf
 results from its extra fast charging (EFC) battery programme
with 7Ah (Amp hour) commercial cells 
    ** Says batteries used in the electric vehicle (EV) industry
currently have up to 80% retention capacity after ~1,000 cycles
using lower charging rates 
    ** Says its EFC battery programme results show no capacity
loss after 250 cycles using a 15-minute charge
    ** Says co is working towards producing cells for commercial
use at the lithium-ion battery plant operated by unit in New
York
    ** As of last close, stock had more than doubled in value
this year

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))