The Magnis Energy Technologies Ltd (ASX: MNS) share price is rocketing up today on the back of positive news regarding its partner, Charge CCCV (C4V).
At the time of writing, the Magnis share price is up 8.1% at 20 cents, a retreat after earlier soaring 13.5% to an intraday high of 21 cents.
What’s driving the Magnis share price up?
In today’s release, Magnis advised that C4V has been selected for a United States Department of Energy (DoE) project. Magnis has a 10% stake in the lithium-ion battery company.
The task at hand is to build a solar powered hybrid system for grid stabilisation.
Led by New York’s Binghamton University, the project will seek to develop a two-stage solar plant control structure. This will allow multiple solar plants to form together ensuring energy generated is stable through inverter controls. In addition, the system will have access to a battery storage for excess energy to be put in reserve.
In order to collect a vast amount of renewable energy, the team will develop a framework for hybrid solar power plants. Called ‘asynchronous distributed and adaptive parameter turning’, the technology enables grid services from energy storage platforms that will provided by C4V.
What did management say?
Commenting on the project, C4V president Shailesh Upreti said:
We are very excited to be selected in another US Government project and being the sole partner providing cutting edge lithium-ion battery technology immensely favourable to renewable energy adoption.
We look forward to working with our partners to demonstrate the agility and robustness of out BMLMP technology for the grid stabilisation market.
Magnis chair Frank Poullas added:
C4V’s selection to participate in this US Department of Energy-funded project following a rigorous selection process speaks to the high quality of our technology.
How has the Magnis share price performed?
After dipping over the course of 6 months last year, the Magnis share price has rebounded strongly.
During May 2020, the company’s shares fell to an all-time low of 4.7 cents. Within 2 months, the Magnis share price reached a 52-week high of 28 cents and has been trading fairly evenly since then.
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Motley Fool contributor Aaron Teboneras 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 Bruce Jackson.
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