Anson (ASX:ASN) share price leaps 19% on Novonix test results

The Anson Resources Ltd (ASX: ASN) share price is soaring after the company released its latest battery test work results.

The test work, completed by Novonix Ltd (ASX: NVX), found lithium products from Anson’s Paradox Brine Project performed well in lithium-ion battery test cells.

Right now, the Anson share price is up 17.3%, trading at 11.5 cents after shooting 19.39% higher in opening trade.

Let’s take a closer look at today’s news from the company providing resources for the new energy and technology markets.

Positive battery test results

The Anson Resources share price is surging on the back of positive battery test results.

Anson has announced its lithium carbonate product performed better than a commercial product blend during testing.

Additionally, its lithium hydroxide monohydrate product showed a similar performance to that of other available products.

Anson also reported that, during ultra-high precision chargers testing, its products showed lower capacity losses. This means its products could create batteries with longer life spans.

It’s the second set of positive results Anson has received from Novonix this year. In March, Novonix found Anson’s lithium hydroxide and its lithium carbonate materials performed better than existing commercial products.

The company will share the new test work results with potential offtake partners and customers.

Anson’s chair and CEO, Bruce Richardson, noted that the positive results from Novonix left Anson with potential for extra exposure as Novonix provides testing equipment, research, and development to Tier 1 battery makers.

Commentary from management

Richardson commented on today’s news, saying:

The results from Novonix’s test work clearly demonstrates that the lithium carbonate and lithium hydroxide produced from the Paradox brines have the necessary specifications that Tier 1 battery makers may require…

The results confirm and enhance the results for the earlier test work conducted by Novonix on behalf of Anson. The purity of the Anson product provides it with a performance advantage over existing commercial products which is expected to attract lithium-ion producers that are aiming to provide a high-performance product.

As well, demand for such a sustainably-produced and responsibly-sourced product is growing in North America and Europe as electric vehicle makers look to bolster their ESG credentials.

Anson share price snapshot

Today’s gains included, the Anson share price is currently 290% higher than it was at the start of 2021. It has also gained 485% since this time last year.

The post Anson (ASX:ASN) share price leaps 19% on Novonix test results appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper 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 Bruce Jackson.

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