The ASX this morning suspended Magnis Energy Technologies from quotation stating a failure to comply with the listing rules which include periodic reporting.

The securities will remain suspended until the ASX was satisfied with the company’s compliance. 

On Wednesday, the company asked the ASX to be put into a trading halt pending the release of an announcement.

Main image: Imperium3 Townsville. Magnis Energy Technologies’ proposed battery plant

Magnis Energy Technologies was behind a proposal for a 18GWh lithium-ion battery factory in Townsville.

It reported in February this year it had has just over a year’s funding available and was looking at other sites for its Australian venture.

The report indicated it had only 4.8 quarters worth of funds left in the bank and no income, posting a $8.4 million loss in the three months to December 31 and a total $19.4 million loss for the year to date.

The company’s US-based subsidiary Imperium3 New York (iM3NY) operates a gigawatt-scale lithium-ion battery manufacturing plant in Endicott, New York.

Related: Strong support for Townsville battery factory shares placement

But it has reported delays in the independent certification required before its product can be shipped to customers in commercial quantities.

The company noted that during the quarter ending December 31, 2022 Townsville City Council had revoked their original allocation of land in the Lansdown development.

It offered IM3TSV the opportunity to reapply for an alternate site after it changed its focus for the Lansdown Eco-Industrial Precinct towards hydrogen, the company said at the time.

“At this point in time, Magnis has decided not to pursue an alternate site at the Lansdown development, as there are no sites that meet our requirements,” the company stated. 

“Magnis are instead considering other options for the location of its Australian gigafactory.”