The Magnis Energy Technologies Ltd (ASX: MNS) share price is getting a big lift today.
Up almost 10% in early morning trade, Magnis shares are currently up 4.9%, trading for 43 cents.
So, what’s driving investor interest in the ASX lithium-ion battery tech company today?
‘Truly remarkable’ battery test results announced
The Magnis share price is surging after the company reported promising results for its CSPG (Coated Spherical Graphite) high-performing green anode materials.
The green anode product was produced solely via mechanical processes, without chemical, acid, or thermal purification.
The electrochemical battery performance of Magnis’ Nachu CSPG anode was tested and qualified using commercial graded Lithium-ion battery cells. The full cells have had more than 1,000 cycles and retain at least 90% of their initial capacity.
Magnis said the results show “an excellent lifespan” for its Nachu CSPG anode material. It is now ready for the next step of commercialisation.
Magnis produced ultra-high purity (+99%) natural flake graphite (NFG) concentrate from its wholly-owned Nachu Graphite Project in Tanzania without chemical purification. It said the unique characteristics of its Nachu NFG ore enabled it to produce ultra-high purity (+99.95%) CSPG anode product with a high yield.
Commenting on the positive results, Magnis chairman Frank Poullas said:
We are blessed with such an amazing resource. Being able to produce a high quality, high performing green anode product at +99.95% purity or above without any acid, chemicals or thermal purification while using mechanical processes only, is truly remarkable.
Magnis share price snapshot
Over the past 12 months, the Magnis share price has gained 26%. By comparison, the All Ordinaries Index (ASX: XAO) is up 4% since this time last year.
For Magnis shareholders, 2022 has been tough with the battery tech company down 25% year-to-date.
Magnis has a market capitalisation of $396 million with 965.8 million shares on issue.
The post Here’s why the Magnis share price is charging higher today appeared first on The Motley Fool Australia.
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