Guess which ASX lithium stock just rocketed 60%

The S&P/ASX 200 Index (ASX: XJO) is climbing 0.07% today, but this ASX lithium stock is absolutely exploding.

The Li-S Energy Ltd (ASX: LIS) share price soared 62.7% from 25.5 cents to 41.5 cents this morning before retreating. The company’s share price is now rising 35% and trading at 34.5 cents.

So why is this ASX lithium stock charging higher today?

What’s going on?

Li-S Energy is developing lithium sulfur and lithium metal batteries for use in electric vehicles (EV).

Today, Li-S Energy advised it has developed new 20-layer battery cells using third generation semi-solid state lithium sulfur technology.

The new battery cells have 45% more volumetric energy density due to lower porosity cathode material.

Li-S Energy is using a low-flammability electrolyte to make the 20-layer cells, making them safer.

Commenting on the news, Li-S Energy CEO Lee Finniear said:

The development of these new battery cells is another validation of the strength of our
scientific and technical teams, and our collaboration with Deakin University and other
Australian and international institutions.

This outcome demonstrates the strength of our progress over the last year. In the coming months we look forward to commencing the production of commercial samples for our partners.

Li-S Energy share price snapshot

The Li-S Energy share price has fallen 58% in the last year. In the year to date, the company’s share price has risen 8%.

For perspective, the ASX 200 has fallen 3.8% in the past year and climbed 2.7% in the year to date.

This ASX lithium stock has a market capitalisation of about $57 million based on the current share price.

The post Guess which ASX lithium stock just rocketed 60% appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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