Magnis Energy chair Frank Poullas dumped as lenders take over

·

Following a raid on the firm last week by lenders, Magnis Energy Technologies lost possession of its main battery “gigafactory,” Imperium3 New York (iM3NY).

According to The Australian, Magnis chair Frank Poullas, as well as directors Claire Bibby and Giles Gunesekera, have been removed from the iM3NY board – which Magnis has been developing for over six years – by Atlas Credit Partners.

Magnis, which went public in 2005, has expanded since the influx of interest in alternative energy sources. The company promised to establish an empire of battery plants while providing investors a chance to engage in an integrated energy supply chain.

Magnis-chair-Frank-Poullas-R.-Photo-The-Australian.jpg
Magnis chair, Frank Poullas (R) with Magnis’ North American managing director, Hoshi Daruwalla in Sydney. Photo: The Australian.

The major technology company, which owns 73 per cent of iM3NY, has emphasised the potential of the battery facility, which Poullas earlier stated had a “potential worth” of $4 billion.

However, at the company’s Annual General Meeting (AGM) in Sydney last week, Magnis’ North American managing director, Hoshi Daruwalla noted that iM3NY was facing some “funding challenges.”

Documents filed by Charge CCCV LLC (C4V), an American lithium-ion battery technology company, claimed that iM3NY is rapidly running out of time to find funding to survive, as reported by The Australian.

The current battle over iM3NY comes as Magnis faces an inquiry by Australia’s Australian Securities and Investments Commission, which is closely monitoring the company’s market conduct and disclosures.

Source: The Australian

greek film festival sydney new

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Back to Greece: Four journeys, one shared return

As the Back to Greece series closes, what remains is more than a collection of travel diaries - it’s a mosaic of memory and identity.

Mytilenian Brotherhood of Sydney to hold memorial marking 113 years since Lesvos’ liberation

The Mytilenian Brotherhood of Sydney will honour the 113th anniversary of the Liberation of Lesvos with a series of commemorative events.

Film Review: ‘Athens Midnight Radio’ is Haralambidis’ nocturnal love letter to Athens

The 30th Greek Film Festival opened last week and featured a screening of Renos Haralambidis’ Athens Midnight Radio (2024).

Elena Pappas honoured with the 2025 Stephen Myall Award

At the Law Institute of Victoria’s annual awards ceremony in October 2025, Elena Pappas was recognised with the Stephen Myall Award.

‘Fertility and Filoxenia’: Empowering conversations on fertility and IVF options

The Hellenic Medical Society of Australia and Greek Community of Melbourne invite everyone to attend a free educational event on fertility.

You May Also Like

Nikos Androulakis elected new leader of Greece’s center-left KINAL party

Member of European Parliament, Nikos Androulakis, has been elected the new leader of the Movement for Change (KINAL) party.

Remembering the Cazzie Club, jewel of the Greek community in Sydney

The Castellorizian Club, or what many knew as the Cazzie Club, was a staple institution for Greeks in Sydney.

Late equaliser helps Sydney Olympic grab a point against St George City

A 90th minute equaliser helped Sydney Olympic earn a 1-1 draw against St George City FA at Penshurst Park on Saturday evening, April 12.