Magnis (ASX:MNS) share price rockets 13% today. Here’s why

The Magnis Energy Technologies Ltd (ASX: MNS) share price is rocketing up today on the back of positive news regarding its partner, Charge CCCV (C4V).

At the time of writing, the Magnis share price is up 8.1% at 20 cents, a retreat after earlier soaring 13.5% to an intraday high of 21 cents.

What’s driving the Magnis share price up?

In today’s release, Magnis advised that C4V has been selected for a United States Department of Energy (DoE) project. Magnis has a 10% stake in the lithium-ion battery company.

The task at hand is to build a solar powered hybrid system for grid stabilisation.

Led by New York’s Binghamton University, the project will seek to develop a two-stage solar plant control structure. This will allow…