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.
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