Australia's Magnis Energy up as NY battery plant starts production

Ryzon Materials

12/08/2022 04:46

** Magnis Energy Technologies Ltd  MNS.AX  jumps as much as
35.6% to A$0.495, its highest intraday percentage gain since Jan
28, 2021 
    ** Stock hits its highest level since April 19
    ** Company begins commercial production at the iM3NY New
York Lithium-ion Battery Plant (https://bit.ly/3zQj4YC)
    ** Expects production to ramp up to 15,000 cells per day as
annual output rate scales up to 1.8 gigawatt hours (GWh)
    ** Sees annual production levels of 1GWh by the end of 2023
    ** About 485.2  mln shares exchange hands, as against 30-day
average volume of 354.2 mln
    ** Stock has fallen 36.5% this year, as of last close

    

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))