An Indian company purporting to be one of the largest buyers of electric vehicle batteries from Magnis Energy has recorded almost no revenue in the past financial year, according to new accounts filed with regulators.
Magnis did not respond to a request for comment. After being queried by the ASX in late 2021, the company told investors that Sukh Energy would make up between 4.6 per cent and 9 per cent of total revenues from its iM3NY subsidiary between 2022 and 2026. At the time, Magnis said it understood “that the owners of Sukh Energy own a number of companies which collectively have substantial revenues, assets and global operations”.and technology sectors with operations in Asia, Africa and Europe”.
Magnis claims to have signed offtake deals worth $US965 million and said Sukh Energy, alongside two other customers, Martac and EGYAI, had agreed to extend the terms of their agreements to 2028.