Magnis Resources Ltd surges high on Working Solid State Battery Production as Unveiled in New York

  • Oct 02, 2018 AEST
  • Team Kalkine
Magnis Resources Ltd surges high on Working Solid State Battery Production as Unveiled in New York

Magnis Resources Ltd.’s (ASX: MNS) stock rose 3.125% on October 02, 2018 (3:50 PM AEST) after the company’s partner Charge CCCV (C4V) has completed the production of a working prototype of a solid state battery.

This working prototype is one of the world’ first and has been presented at the 2018 NY-BEST battery conference in New York. C4V is expecting to commence the commercial production with availability by the June quarter of 2019. There will be a rise in volume capacity from 380 Wh/ kg and 700 Wh/ L to 400 Wh/ kg and 750 Wh/ L and this is expected to happen based on optimisation before the commercial availability is being brought on track. The replacement of over 80% of the liquid electrolyte with a solid electrolyte through new solid state battery by C4V will help in the production of a lower cost battery. This will have higher capacity, higher performance, higher density and will significantly reduce the charging times than existing battery solutions. Further, C4V’s battery will not require cobalt that is used for the reduction of costs and an increase in scalability of production without metals supply constraints. 

With the gearing up of focus on battery market once again, AL Capital Holding Pty Ltd (ACN 613 750 682) as trustee for the AL Capital No 1 Unit Trust; and  Yunhui Lin, have taken a 5.45% holding in MNS. In fact, AL Capital is now a cornerstone investor for the group and has seeded about $11.1 million of funds in to the Company.

Meanwhile, MNS stock has declined by 15.79% in three months as on October 2nd, 2018 while the group has its AGM scheduled on 26 October 2018.

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