Australia's Magnis Energy soars on U.S. battery project progress

Ryzon Materials

18/03/2022 01:57

** Shares of Magnis Energy Technologies Ltd  MNS.AX  soar as
much as 11.5% to A$0.485
    ** Stock to mark best session since Jan. 27, if gains hold 
    ** Lithium-ion battery maker says its majority-owned iM3NY
battery plant based in New York is 63% complete, as of
February-end  urn:newsml:reuters.com:*:nASX2bHbr5 
    ** Expects to execute further binding sales agreements next
quarter, semi-automated production began at December-end and
batches of full-sized cells produced
    ** Stock hits highest level since Feb. 18 
    ** MNS down 24.4% year-to-date, as of last close

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))