Magnis Energy Technologies Limited ('Magnis', or the 'Company') (ASX: MNS) is pleased to announce that Magnis partner, US lithium-ion battery technology group, Charge CCCV ('C4V'), has recently fulfilled another commercial agreement with MARTAC to be deployed in its high- tech, mission critical applications along with new lithium-ion cell data.

Magnis owns 10% of C4V, and between the two groups own over 90% of iM3NY.

MARTAC

MARTAC is an innovative provider of the MANTAS line of Unmanned Surface Vehicles (USV) for several industries including security, commercial and scientific missions and markets.

MANTAS integrate with a wide array of sensors and communication technologies and operate in diverse maritime environments where other manned and unmanned systems cannot.

Following a two-year collaboration, C4V was able to demonstrate the ability of their BMLMP technology, which has led to another order from MARTAC. In the last week MARTAC secured a significant multi-year order from The United Kingdom Government.

The batteries provided to MARTAC are in the same form as batteries that are planned to be produced from the iM3NY Gigafactory in New York. MARTAC conducted critical test protocols to qualify C4V cells, followed by designing of battery packs for harsh environment and extreme load applications. Upon successful completion in 2019, C4V was given the opportunity to supply more FiresafeTM batteries to be integrated in MARTAC's fully autonomous high-end maritime vessels.

MARTAC CEO, Bruce Hanson said: 'MARTAC has conducted extensive testing comparing the C4VTM technology with currently available battery technologies. In all major categories, the C4VTM technology outperformed the others. We are excited to get full certification of the C4V battery packs to deliver this superior technology to our customers - both domestic and international.'

Updated Performance Data

The cycle data to date shows a project battery life of 11,000 cycles based on charge retainment of 98.5% at 760 cycles. The significance of the cycles could mean that these batteries would have a 30-year lifespan based on a daily charge discharge.

Magnis Managing Director, Les Hosking, commented: 'The results of the tests conducted by our partner C4V for MARTAC, further confirms the quality of the technology available to Magnis, particularly in terms of extended battery life over 30 years through daily charge discharge cycles, plus durability in harsh environments. These benefits will be promoted in Australia and elsewhere as Magnis proceeds through the ramp up of our financing, manufacturing and supply phases.'

Please find below a copy of the Press Release made by C4V on 31 January 2020 This announcement has been authorised for release by the Board of Magnis Energy Technologies Ltd.

Contact:

Les Hosking

Tel: +61 2 8397 9888

Web: www.magnis.com.au

(C) 2020 Electronic News Publishing, source ENP Newswire