Shares in Magnis Energy Technologies (ASX: MNS) have almost quintupled since the start of June following approvals for a battery cell factory in Townsville and promising results from its Tanzanian graphite project, and now the group's board has even more to be happy about.
The company announced today its New York State-based partner Charge CCCV LLC has created a "potential game changer" for electric vehicle (EV) manufacturers, with extra fast charge (EFS) battery results showing an 85 per cent charge in six minutes.
Magnis highlights Charge CCCV (C4V) has developed and built advanced lithium-ion battery cell technology that can significantly improve the cycling life of batteries, with a proprietary high-voltage bio-mineralised lithium-mixed-metal-phosphate (BM-LMP) cathode and anode using its own and Magnis' technology.
MNS shares are up 35 per cent in early trading.
"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," says Magnis chairman Frank Poullas.
"This news is highly encouraging for the global battery industry and for every EV manufacturer. To be able to charge batteries with six minutes would be a game changer and it's comforting to know that Magnis and C4V are at the forefront of this and other battery technologies."
C4V president Dr Shailesh Upreti says potential partners in the automobile industry have been highly encouraged by the data produced so far.
"We have commenced the 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," says Dr Upreti.
"We look forward to producing further batteries with continued improvements for this fast-growing sector, with the aim to eventually deploy C4V's proprietary technology at Giga scale in New York and Australia."
It has now been more than two years since Magnis signed agreements to fast-track a battery plant in Townsville alongside other investors in the Imperium3 consortium, including C4V and Boston Energy and Innovation (BEI).
That development is now closer to becoming a reality after the Townsville City Council formally adopted an amendment to its planning scheme, allowing the Imperium3 Townsville (iM3TSV) 18 GWh lithium-ion battery cell manufacturing plant to progress.
The consortium plans to build the plant on the former Lansdown Station site at Calcium.
The scheme enables the consortium to lodge its Development Application (DA) with Council for Stage 1. At the time the group said it expected the DA to be ready in the coming months, including detailed reports from GHD Group.
"We are encouraged by the progress made in Townsville as we field some serious interest from investors seeking to be involved with the project. It's great to have the support from all forms of government who see the opportunity to bring large-scale high-tech manufacturing into Townsville," Poullas said in early June.
Townsville Mayor Jenny Hill Jenny Hill highlighted her council was committed to establishing an environmentally sustainable, advanced manufacturing, processing and technology estate on the site that will drive economic growth and job creation for North Queensland.
"Council welcomes the State Government's approval of our proposed amendment and will continue to engage with project partners to progress potential projects for the Lansdown industrial precinct," Hill said.
This announcement was followed by another in late June demonstrating excellent battery performance in testing of graphite coating produced at Magnis' Nachu Project in Tanzania.
Magnis is working on developing a proposed processing plant for the project.
"From our analysis, Nachu Project graphite is only natural graphite product that can be turned into a high performing anode material, without any chemical, acid or thermal purification, and purely based on mechanical processes," Poullas said at the time.
"Whether it's due to trade wars or the recent COVID-19 pandemic, it's clear to battery producers that they need to look at alternative sources for their anode material, and Magnis aims to be the lowest cost producer of high purity, large flake graphite, with the most environmentally sustainable products in the marketplace, placing the Company in a strong position to meet the needs of the graphite market globally."
NSW EV charger expansion
The news comes after an announcement yesterday that the NSW Government and NRMA will deliver at least 20 additional electric vehicle fast chargers to the existing regional network along the state's major highways.
The first two charging stations will be installed in Wagga Wagga and Yass in September 2020. This will help complete the rollout of charging stations on both the Sturt and Hume highways.
Electric vehicle drivers will be no more than 150 kilometres from a charging station once the regional network is completed by 2020.
This will allow people to travel to Broken Hill, Moree and Bourke, and link up to major routes in Queensland, Victoria and South Australia.
Minister for Regional Transport and Roads Minister Paul Toole said the additional charging stations will open regional NSW up to electric vehicle owners.
"The extended network will help further support the regional tourism economy and promote local investment in regional centres along the Newell, Barrier, New England, and Kamilaroi highways," Minister Toole said.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
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