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there was an ASX query, following the recent 15/9 MNS announcement


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2. Of the minimum of US$655 million in estimated off-take sales that the Company announced2 had been secured by its subsidiary iM3NY, the Company expects that approximately US$243 million (which amount accounts for a minimum of approximately 4.55% to a maximum of approximately 9.03% of the iM3NY annual forecast revenue over the five year term of the various offtake agreements entered into by iM3NY (i.e. as referred to in the Magnis ASX announcement of 3 May 2021)) will be attributable to Sukh Energy.



4. The Company understands that it is common commercial practice for corporates to structure their financial and operating affairs using different subsidiaries for different commercial purposes. Despite this, the Company:

a. understands that the owners of Sukh Energy own a number of companies which collectively have substantial revenues, assets and global operations;

b. understands that the owners of Sukh Energy are involved in the Oil & Gas, Renewable Energy and Technology sectors with operations in Asia, Africa and Europe;


c. understands that Sukh Energy have commercial agreements with major entities, including India's Department of Defence, Punjab Energy Development Agency (PEDA), Okaya & Co., Ltd, Energy Efficiency Services Limited, Premier Energies, and others substantial entities and corporations which are all highlighted on the Sukh Energy website https://sukhenergy.com, in each case, supporting the Company's belief that:

i. Sukh Energy, when considered together with other members of the group of entities owned by the Sukh Energy owners, is an entity of sufficient substance and standing; and

ii. the marketing and financial resources of the owners and related entities of Sukh Energy will be available to ensure that Sukh Energy is, at the relevant time, adequately capitalised

iii. in each case, such that Sukh Energy will be able to satisfy its contractual obligations to iM3NY.


In addition to the information set out above, which support the Company's opinion, each of the Company, its majority owned subsidiary iM3NY and its partially owned subsidiary C4V performed commercial due diligence on Sukh Energy (and on other companies owned by the owners of Sukh Energy), with that due diligence including:

a. corporate representatives and executives from Sukh Energy travelling to the US to attend several project meetings in New York and discuss performance criteria and product specifications.


b. participation in follow-on meetings and discussions (qualifying the product over a three (3) year time frame) between appropriately qualified engineers & executives of each company; and


c. by making, considering and responding to, due diligence enquiries to enable the respective parties to understand the technology and each other's business and capabilities.

Based on the Company's understanding (as set out above) and the matters referred to above, Magnis is confident that Sukh Energy has, or will have at the relevant time, the financial resources necessary to satisfy its obligations under the iM3NY off-take arrangements to which it (and Sukh Due diligence was also completed by a globally significant player in the middle market energy space, prior to their providing secured debt financing that (included security over the relevant agreements) for the iM3NY Battery Plant.

For further information in relation to this particular transaction, please see the Company's ASX announcement dated 19 April 2021.



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  • 2 weeks later...

Some buying in MNS, now pushing another 10% to be 53c.

The Quarterly and Annual Report, both recently released, have kept the narrative going.


The iM3NY lithium ion battery plant has taken some major steps towards production in the last 6 months. The project is fully funded for gigawatt hour production with semiautomated production expected this year. The plant has  an annual capacity of 1.8GWh with production to begin next year.

and on the horizon, taking a while is Townsville


An Australian Lithium ion Battery Plant is something that our country needs and that the board and management team are working hard to deliver with our partners. There has been considerable interest from potential funders, customers and partners in fast tracking production.


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