High-flying lithium-ion battery maker Magnis Energy Technologies (ASX:MNS) has reported some exciting results in its testing of the fast-charging (FC) battery cells.

The company said the tests used commercial optimised multilayer 1.6Ah pouch cells, and achieved over 600 cycles capacity retention with 30 minutes charge and 30 minutes discharge. The test was conducted using its partner C4V’s technology.

The optimised cell is within 99% energy density of a regular iM3 energy cell, which means minimal energy density loss for an FC cell.

Magnis and its technology partner CV4 have been working with end users including electric vehicle manufacturers, in order to develop the next generation extra fast-charging batteries (EFC).

Battery cells optimised for EFC need to maximise charging energy efficiency, batter life, and safety.

Today’s results were the first step towards more aggressive tests to deliver 85% charge in six minutes that started last week.

Magnis chairman, Frank Poullas, said today’s results were significant and is the first step towards mass commercialisation.

“We are really excited by this technology from day one as it will be a game changer for the commercial transport industry. Today’s announced results are an early step forward toward turning this technology into a commercialised product.”

New York Bus program

As announced in July 2020, a demonstration program was conducted on the New York City Transit Buses, funded by NYSERDA. The program concluded with the proposal to develop EFC system using extended life batteries provided by CV4’s BMLPM technology.

Those batteries will now be installed in some buses in the New York City routes – with the goal to remove 55,000 metric tons of carbon dioxide annually from the city. The EFC cells to be used in that  program will be delivered this week.

New York’s Clean Energy Standard was revised in 2019 to require 100 per cent carbon-free electricity in the US state by 2040, compared to the 29 per cent in 2018.

Magnis rides lithium-ion boom

Magnis is riding on investors interest in lithium-ion technology, as the world is gradually moving towards electric vehicles on a mass scale.

In February, it raised $34 million through an oversubscribed capital raising to invest in a New York State battery manufacturing plant.

The company’s share price has increased by more than 350% in the last 12 months, to trade at 32c today.

 

Magnis share price chart:

 

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