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Graphite producer MNS that is also engaged in the development of electronic vehicle batteries, has changed its name from Magnis Resources Limited to Magnis Energy Technologies (ASX:MNS).
In the media release dated 5 November 2018, Magnis informed that its new name Magnis Energy Technologies has been effectively changed from today, however ASX code-MNS will remain the same.
This change in name, first proposed in July, has come into an effect on the due approval of shareholders, received at the Annual General Meeting held on 26 October 2018. As Magnis scales up its lithium-ion battery manufacturing operations, the company believes that its new name will better reflect the nature of its operations to stakeholders, potential investors and partners. Â
Earlier graphite exploration and production was among the companyâs core business, but with the highly emerging market of electronic vehicles the company has now rapidly moved into lithium-ion battery technology. Magnis aspires to become the world's largest manufacturers of lithium-ion battery (LIB) cells. For this purpose, the company has announced its plan of building three large scale Gigafactories across the world. These three LIB factories are located in Townville, Australia for 15GWh, New York, USA for 15GWh, and North Rhine, Germany for 30GWh.
Last week the company has announced the completion of working prototype of solid-state battery production by its partner Charge CCCV (C4V). As per the companyâs information, Magnisâ first lithium-ion battery plant located at Huron in New York will start the commercial production from mid-2019.
Further, Magnis holds a highly graphite rich deposit in Tanzania called Nachu Graphite Project. The company is also a dedicated distributor of natural flake graphite, supplying three different categories of graphite that includes Super Jumbo, Jumbo and Large flake categories. The management advised that the change in name would have no impact on the development of its high-quality flake graphite project located in Tanzania.
Formerly, Magnis was known as Uranex because the company was then focused on the exploration of uranium. But later when company shifted its interest from uranium to graphite production, it changed its name from Uranex to Magnis Resources in 2014 which has now, as on 5 November 2018, been changed to Magnis Energy Technologies.
As at 30 September 2018, cash and cash equivalents of the company was standing at $8.46 million. During September 2018 quarter the company has generated $6.96 million underpinned by proceeds from new issue.
With this update, Magnisâ share price surged up 3.333% to close at $0.310 on 5 November 2018. But over the past one year the stock price has slipped by 31.03%.
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