The corporate watchdog has launched Federal Court action against troubled renewables player Magnis Energy and its executive chairman Frank Poullas over alleged disclosure failures relating to the company’s “flagship” lithium-ion battery manufacturing facility.

The Australian Securities and Investments Commission also alleges Magnis and Mr Poullas engaged in misleading and deceptive conduct when they claimed the facility would boost battery production to 10,000 cells per day by the end of 2023, when earlier in the year it was struggling to make 300.