Magnis Energy’s stock dipped 4.412% on the day of its quarterly report release. The stock last traded at $0.325 with a market capitalization of $207.79 million on 31 January 2019. The emerging lithium-ion battery producer Magnis Energy released its quarterly activity report today for the period ended 31 December 2018. It includes the recent development by the company, its partners, the key managerial change as well as an update on lithium-ion battery plant in India.
In October 2018, Magnis Energy Technologies Ltd (ASX: MNS) reported that production of a working prototype of Solid State Battery has been completed by its battery partner Charge CCCV (C4V) which was demonstrated at the 2018 NYBEST Conference in New York.
C4V’s Solid State Battery underscores a significant increase of 70% in the kilometer range of electric vehicles which means an electric car can run to about 680 kilometers on the same single charge as required for current batteries that allow the range of just 400 kilometers.
These Solid State Batteries replaces liquid electrolyte used in current batteries with solid electrolyte to the extent of 80%. It delivers more cost-effective and higher capacity batteries required for the electric vehicle. Moreover, these batteries required much lesser time for charging compared to the existing charging solutions.
Magnis has increased its indirect and direct shareholding in Imperia3’s New York Gigafactory project to 47%. The company posted the progress made by Imperium3 with respect to the commencement of activities for the New York Gigafactory project. It underlines the transfer of acquired equipment from the previous battery production plant in North Carolina to the new iM3NY facility at the Huron Campus in Endicott, New York.
During the quarter, Magnis announced the appointment of its existing non-executive director, Mr. Marc Vogts to the role of Managing Director of the company. Mr. Vogts holds extensive experience in leading the multi-billion-dollar projects for giant miners like Rio Tinto and BHP Billiton.
As per the latest update, Magnis’ compensation program was completed for all Project Affected Persons within the Nachu Graphite Special Mining License pursuant to the guidelines and laws of Tanzania government. The compensation program underpins the land and asset valuation that was undertaken by Magnis subsidiary Uranex.
Beyond the mining operations, Magnis is now vertically integrated into the manufacturing of lithium-ion batteries with a focus on bringing the Nachu Graphite Project into development. The company also released the information of potential lithium-ion battery plant in India. On 21 January 2019, the company stated that India’s state-owned company BHEL is in talks with consortium LIBCOIN on establishing India’s first lithium-ion battery Gigafactory commissioning at 1GWh and scaling up to 30GWh. LIBCOIN includes the consortium partners Magnis, Charge CCCV and Duggal Family Trust who together focus to achieve their vision of building LIB Gigafactories globally especially in the Indian market.
Change in official name of the company marks another development of the quarter. The company has changed its name from previous Magnis Resources to its current name ‘Magnis Energy Technologies’ that is regarded as a better name to align its development and strategies.
As at 31st December 2018, the company’s cash balance was $6.22 million.
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