Magnis (ASX:MNS) marks game-changer results in lithium battery life

Company News

by Melissa Darmawan

Lithium battery maker Magnis Energy Technologies (ASX:MNS) believes that a game-changer for the transport sector is on the cards.

Traditionally batteries used in the EV industry currently have up to 80 per cent retention after 1,000 cycles using lower charging rates. In the situation where constant fast charging rates occur, the battery life reduces dramatically.

Today the lithium battery maker said the test results from their Extra Fast Charging battery program showed no capacity loss after 250 cycles using a 15-minute charge.

The results come after a previous Fast Charging program announced in June this year was proven successful.

The program used two-to-three-amp hour cells that has a retention rate of over 60 per cent at a 30 min charge and 30 min discharge after over 6000 cycles. The results led to the fast track of the Extra Fast Charging program using larger commercial cells.

Meanwhile, Magnis provided an update on the New York State Energy Research and Development Authority Extra Fast Charging Business Program.

The company said that it started with several delays from all parties after battery packs were provided in second quarter of this year. Though after the wait, the feedback received to date has been very positive with specific data expected in first quarter of 2022.

The program is funded by New York State Energy Research and Development Authority and has the purpose of illustrating that Extra Fast Charing technology can be applied to State Transit Buses in the New York State.

Shares in Magnis Energy Technologies (ASX:MNS) are soaring 13.6 per cent higher at 58.5 cents.

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