A look at five ASX electric vehicle stocks

Highlights

• The global electric vehicle market is expected to reach US$823.75 billion by 2030
• Li-S Energy is planning to test 10-layer cells in 2023
• Novonix has received a grant of US$150 million from the United States Department of Energy (DOE).

To prevent global warming, a remarkable shift has been observed in the global economy. Governments are trying to meet their targets of net-zero carbon emissions by formulating policies favorable to electric vehicles. From 2021 to 2030, the global electric vehicle market is expected to reach US$823.75 billion, growing at a compounded annual growth rate of 18.2%.

Electric vehicles run on a variety of batteries. However, the lithium-ion battery is the most commonly used one. Besides, molten salt, zinc-air batteries, nickel-based batteries are also used.

Today, in this article, we will dig into recent developments of some companies in the EV sector.

Li-S Energy Ltd. (ASX:LIS)

Australia-based company Li-S Energy Ltd. is focused on developing and manufacturing lithium sulphur batteries. Two teams of scientists specialising in nanomaterials combined their expertise to create a lightweight lithium sulphur battery with a cycle life as good as that of a lithium-ion battery.

Li-S Energy was listed on the ASX in the financial year 2022. The company achieved or even exceeded its challenges, culminating in flight testing of drones powered by lithium sulphur and lithium metal batteries. LIS has also worked with Deakin University to commercialise lithium-sulphur battery using boron nitride nanotubes (BNNTs). BNNTs and other novel materials have enhanced the cycle life of lithium sulphur batteries.

LIS has also signed agreements with Insitu Boeing to develop batteries for uncrewed aircraft. LIS will help Janus Electric transition into the electric vehicle sector. The company successfully tested a 4-layer cell in FY22, and plans to test 10-layer cells in FY23.

LIS also signed an MOU with magniX USA Inc. for developing and testing Li-S and Li-metal cells for electric aviation. The results of research indicate that Li-nanomesh improves the performance of lithium metal cell . The company was able to increase the total energy capacity of the cell by 400% via optimisation.

Novonix Ltd. (ASX:NVX)

Australia-based Novonix Ltd is a battery materials and technology company providing advanced materials, equipment and services in developing lithium-ion batteries. The company has three segments of operations: Graphite Exploration and Mining, Battery Technology and Battery Materials. It also provides battery testing services, which give results in a few weeks.

Novonix was recently provided a grant of US$150 million from the United States Department of Energy. It will help expand domestic production to 30,000 tonnes per annum in the Novonix Anode Materials division.

The company recently launched a 10 AMP Ultra High Precision Cycler system, and completed installing an analytical lab for on-site materials analysis.

Data: ASX as on 28 December 2022

Magnis Energy Technologies Ltd. (ASX:MNS)

Magnis Energy Technologies Ltd. is focused on the lithium-ion battery sector through vertical integration. The company has strategic assets, investments and partnerships in the supply chain. The Nachu project in Tanzania has significant portions of premium larger flake sizes and high-purity graphite concentrate. Magnis along with C4V has produced high-quality, high-performance anode materials using Nachu graphite as feedstock.

The Imperium3 New York lithium-ion battery manufacturing plant began commercial production in the September quarter. The initial phase is for testing and quality assurance, then production can be ramped up. By the end of 2023, the annual production will be near 1GWh and around 38GWh by 2030, based on a strong global demand.

Chalice Mining Ltd. (ASX:CHN)

Globally recognised as a specialist explorer and developer company, Chalice Mining Ltd. discovered platinum group element (PGE), nickel, copper, cobalt and gold at its Julimar Project, Western Australia. The other projects of Chalice Mining in Western Australia are: the Hawkstone Nickel-Copper-Cobalt project, the South West Nickel-Copper-PGE project and the Barrabarra Nickel-Copper-PGE project.

The company recently announced that new metallurgical testwork at the Julimar project had highlighted the potential to enhance overall metallurgical recoveries. Palladium, platinum and gold can be recovered from the floating tails, as demonstrated by the leaching test. Chalice Mining has planned to update the Mineral Resource Estimate of Gonneville in the late first quarter of 2023.  

Significant PGE-dominant sulphide mineralisation was intersected at the Hooley prospect. The five reconnaissance holes from three drill sites intersected sulphide mineralisation with significant assay results.

Image: © Leowolfert | Megapixl.com  

QMines Ltd. (ASX:QML)

Queensland-based copper and gold exploration and development company QMines Ltd. projects cover an area of 1,096 sq. kilometres. QMines’ efforts are directed at helping Australia become the first zero-carbon copper and gold developer. Mt. Chalmers is the flagship project of the company and is also historically a high-grade copper gold mine.

QMines recently updated the Mineral Resource Estimate at Mt Chalmers and found a significant increase in the estimates. The copper equivalent increased by 104% in resource tonnes and is now at 11.86 million tonnes. The measure and indicated tonnes also increased by 119% and are now at 10 million tonnes. In 2022, the company drilled 160% more than in 2021.