Magnis Energy blames delays in May for missing battery plant deadline

Magnis’ iM3NY battery factory has been hit by delays from global shipping as the ASX-listed technology company seeks to get the site ready for fully automated production.

Magnis chairman Frank Poullas. Picture: James Croucher

Magnis Energy says global supply chain issues are to blame for the delayed start of production at its subsidiary’s flagship plant in New York – telling shareholders fully-automated manufacturing will begin within five weeks.

The hi-tech EV battery plant, being built in Endicott, was originally scheduled to open in 2019.

Magnis chairman Frank Poullas has repeatedly made assurances about when the plant would kick off commercial production.

In an interview with the SNN Network in November last year he said production at the battery plant was due to start “within weeks”.

Magnis’ iM3NY plant was hit by delays last month.

He then told the ASX Investor channel the business now expected “towards the later end of first half this calendar year we should be getting into that fully automated production”.

The plant is owned and run by Imperium 3 New York, in which Magnis owns a controlling interest. It has so far made a small number of batteries, largely “for qualification and certification purposes”. In May the company said it was 72 per cent complete and was “on schedule to being in production late next month”.

On Wednesday, Magnis told the ASX that the construction of the plant had been hit by delays in May and automated production was now expected to commence “within the next 5 weeks from today and begin ramping up over the balance of the year”.

Mr Poullas did not respond to questions on Wednesday, including why delays at the plant in May were not disclosed in the company’s filings that month.