- Magnis Energy Technologies (MNS) is up 29.4 per cent following the positive news of its partner, Charge CCCV's (C4V) Extra Fast Charge (EFC) test results for electric vehicle batteries
- Initial results from the test reveal an 85 per cent charge in the EV battery, in just six minutes
- Magnis' partner, C4V is developing a technology that not only fast charges battery cells but extends their run time
- This is set to be a game changer for the electric vehicle industry as it will provide operational flexibility and convenience as well as low cost processes
- Company shares are up 29.4 per cent and are trading for 22 cents each
Magnis Energy Technologies (MNS) has seen a spike in its share price today following the positive news of its partner, Charge CCCV's (C4V) Extra Fast Charge (EFC) test results for electric vehicle (EV) batteries.
Magnis' partner, Charge CCCV (C4V) has developed and built advanced lithium-ion battery cell technology that can significantly improve the cycling life of commercial lithium-ion batteries.
C4V achieves this from its proprietary high voltage bio-mineralised Lithium-Mixed-Metal-Phosphate (BM-LMP) Cathode and the Anode material.
Initial cycling tests resulted in a cycling life retention over 650 cycles with over 85 per cent charge achieved in just six minutes.
C4V is currently developing a 25 to 50 kilowatt hour pack for EFC demonstration once this program has been completed.
Extra Fast Charge batteries shorten the charging times that traditional electric vehicle batteries require. This enables operational flexibility and convenience for the EV industry, as well as a potential increase in run-time for in-service EVs.
The unoptimised cell is within 99 per cent energy density of a regular energy cell. This means there isn't any energy density loss for the regular discharge processes. Initial 100 cycles run with pulse charging to condition the cell to have longer battery life.
"Fast charging is usually synonymous with batteries degrading quickly, however today's results using an unoptimised cell are exciting and will improve further as the cell is optimised," Magnis Chairman Frank Poullas said.
"Today's results are very exciting and our potential partners in the automobile industry have been highly encouraged by the data produced so far," C4V President Dr Shailesh Upreti said.
"We have commenced a demonstration program to showcase the benefits of EFC at the system level by committing to deliver a minimum 25KWh battery pack to an EV producer with EFC capabilities," Shailesh continued.
C4V is at the forefront and is working with commercial EV manufacturers to develop a future proof design for EFC batteries.
Company shares are up 29.4 per cent and are trading for 22 cents each at 11:26 am AEST.