(Yicai Global) April 2 -- The stock price of Farasis Energy surged after the Chinese firm said it has made a breakthrough in developing almost 70 percent more efficient new energy vehicle batteries.
Shares of Farasis Energy [SHA: 688567] jumped as much as 14.4 percent to CNY30 (USD4.60) intraday this morning.
The battery comes with an energy density of 330 watt hours per kilogram, and is safer and more durable than graphite anode batteries both in high and low temperatures, the Ganzhou-based company said in a statement yesterday. The current industry standard is about 200 Wh/kg.
After testing the technology internally, the company plans to pass the China Automotive Engineering Research Institute Testing Center's national standard test, which should take about three months. After that, the product could be marketed in China.
The power unit can maintain 90 percent of its full capacity when temperatures drop to as low as minus 20 Celsius degrees, according to the statement. That could be welcomed by drivers as last winter many people complained on Weibo about their car batteries' lousy performance.
Founded in 2009, Farasis Energy specializes in making lithium manganese auto power packs and related products. Farasis Energy Asia Pacific is the firm’s largest shareholder with a 22.7 percent stake, and Daimler Greater China owns 3 percent.
Editor: Emmi Laine, Xiao Yi