A battery start-up spun out of the University of Sydney plans to use a London sharemarket listing to accelerate a push for its technology to be used for both power generation and electric vehicles to meet soaring demand.
Gelion, which sealed a British bourse listing in December, aims to capitalise on a new technology created by its founder Professor Thomas Maschmeyer, which uses zinc bromide batteries instead of the lithium-ion variety.
It’s also using funds from the initial public offering to push ahead with its mobile energy unit, which uses silicon-based additives to boost the performance of lithium batteries by up to 60 per cent, offering exposure to the booming electric market for cars, trucks, drones and aircraft.
Europe’s energy security crisis, which has seen prices skyrocket for a string of raw materials, has underlined the appetite for reliable battery storage and generation, according to Gelion’s newly appointed chief executive Hannah McCaughey.
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Gelion (AIM: GELN), the Anglo-Australian battery innovator, announces the launch of its Energy Storage Integration business, with the award of its first commercial agreement, expanding Gelion’s charter to become an end-to-end battery technology and energy storage company.
Gelion announces the incorporation of a wholly owned subsidiary, Battery Minerals Ltd and a grant of up to £170,000 by the UK government’s Department of Business and Trade (DBT).
Milestone underscores technological viability of Li-S battery technology for lightweight energy storage.