Adoption of electric vehicles could surge if Magnis Energy Technologies (ASX: MNS) is able to deliver on their testing data which can charge an EV battery in just six minutes for what would be a game changer in the global market.
Within their Extra Fast Charge (EFC) batteries which were developed by partner – Charge CCCV (C4V), Lithium-ion battery cells can be optimised by proprietary high voltage bio-mineralised material.
The use of these EFC batteries is still undergoing a rigorous test program on the cell level but initial test results have resulted in EV batteries reaching 85% charge in 6 minutes.
“Fast charging is usually synonymous with batteries degrading quickly, however today’s results using an unoptimised cell are exceeding and will improve further as the cell is optimised,” said Magnis Executive Chairman, Frank Poullas.
“This news is highly encouraging for the global battery industry and for every battery manufacturer. To be able to charge batteries within 6 minutes would be a game changer and it’s comforting to know that Magnis and C4V are at the forefront of this and other battery technology.”
The current round of testing has put a commercial size battery integrated with C4V technology through 650 cycles with a 6 minute charge followed by a 1 hour discharge. The test is run concurrently with the same cell undergoing a 3-hour charge time which consistently delivers 100% charge.
However with the 6-minute charge, the test battery is still able to consistently deliver charges over 80% from the significantly shorter charge time and only taper off around 5% from charge cycle 100 to 650.
“Today’s results are very exciting and our potential partners in the automobile industry have been highly encouraged by the data produced so far,” said C4V President, Dr Shailesh Upreti.
“We look forward to producing further batteries with continued improvements for this fast-growing sector, with the aim to eventually deploy C4V’s proprietary technology at Giga scale in New York and Australia.”
Following the release of this testing data, MNS shares surged to a high of $0.265 in the first 30 minutes of morning trade, a rise of 55% on their previous $0.17 close.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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