Farasis Energy Soars 7% on Innovative Battery for EVs

Farasis said it has made a breakthrough in developing almost 70% more efficient new energy vehicle batteries.
Benjamin WangApr 02,2021,22:09

The stock price of Farasis Energy surged 7% in Shanghai on the news that it has made a breakthrough in developing a new energy vehicle battery that's almost 70% more efficient.

As reported by Yicai Global, the maker of lithium manganese auto power packs and related products provider said that the next-generation electric vehicle battery with an energy density of 330Wh/kg has been developed and verified. This technology can still provide 90% of the capacity at a temperature of negative 20°C and can be used worldwide.

Currently, Farasis said the samples have been successfully developed, the products have not yet obtained customer certification and formal orders, and mass production and external sales have not yet been formed, which will not have a major impact on the company's current performance.

In addition, the company said the battery is safer and more durable than graphite anode batteries both in high and low temperatures.

In the later stage, according to market demand, the company will apply to pass the new national standard GB38031-2020 test of the China Automotive Engineering Research Institute Co., Ltd. Testing Center. The expected test cycle is about three months. After the test, the products can be sold and used.

In December, the company announced that it will set up a joint venture with Geely to build a power battery production plant. According to the agreement, the two parties will jointly promote the construction of power battery production capacity.

It is estimated that the combined production capacity of the joint venture and Farasis will reach 120GWh, of which construction will start at least 20GWh in 2021.

Founded in 2009, Farasis is one of the earliest technical teams engaged in the development of lithium ion power batteries for new energy vehicles.

Topics:Farasis; China; EV