Axeon, the largest supplier of lithium-ion batteries throughout Europe, has just announced the development of a lithium-ion battery that nearly doubled the range of its test electric vehicles.

The Deparment of Transport funded a two year test program that saw the new Axeon batteries power a 2.5 ton delivery truck and increase its range from 76 miles to 150 miles.

While this is an extreme increase it is contradicted by a similar independent study which only saw a 25 percent increase in range.

Nonetheless, news of this most recent study helped propel Axeon stock prices up by two-thirds.

Axeon is currently producing lithium-ion battery packs for several electric car manufacturers including Daimler, who will use the new battery for their upcoming Smart Ed.