Magnis Energy’s multimillion-dollar customer has no revenue – again
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.
Sukh Energy, which operates in India and Britain, was expected to spend $16.4 million with Magnis’ battery-manufacturing subsidiary, Imperium3 New York, the company told investors in 2021. That figure was forecast to grow to $117 million in 2026.
But accounts lodged with the Indian regulator for the 12 months to the end of March showed Sukh Energy Private Limited had total assets of just 6.2 million Indian rupees ($117,000) at the end of that period. It reported no revenue from operations and no expenses and described its business as the “maintenance, repair and installation” of “solar power panels”.
Separate accounts lodged at the end of September in Britain show Sukh Energy Limited – which has the same ownership as Sukh Energy Private in India – had assets of £3560 ($6802) and owed £27,124 in the next 12 months.
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”.
Sukh Energy, they added, was “involved in the oil and gas, renewable energy
and technology sectors with operations in Asia, Africa and Europe”.
“Sukh Energy, when considered together with other members of the group of entities owned by the Sukh Energy owners, is an entity of
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