Leading to IPO
Following the Series C, the company could head towards to an IPO directly, or probably will raise another round in between depending on circumstances at the time, the CEO said.
Gelion will not necessarily list on the ASX, he said, noting that it is still too early to decide. Gelion is a global business and possibly list in New York, London, Hong Kong or Australia, he noted.
The stationary energy storage market is “incredibly competitive”, served well by lithium-ion, lead acid and a number of other chemistries, Fitzpatrick said. However, Gelion is unique in bringing in low-cost zinc bromine and non-flow batteries that use gel instead of liquid to the market, the CEO noted.
Mass production of lithium- ion batteries, which are widely used, faces serious problems of component supply and therefore can be costly. Gelion’s technology revisited an older battery chemistry based on zinc and bromine but uses a patented gel technology that is able to adapt the battery for different applications, according to the company’s website.
Gelion, with the name coming from “gel plus ion”, combines the advantages of ionic liquids and innovative additives, using zinc-bromine chemistry in combination with advanced electrolytes that can be all-liquid, liquid/ionogel or all-ionogel, according to its website.
Despite being pre-revenue, the company is not concerned about demand for its products, the CEO said. It already has Memorandum of Understanding (MOU) for product supply in the Philippines and with Armstrong, which has portfolio companies spanning the UK, Italy and India, he explained.
Gelion is working with a manufacturing facility in Melbourne and a semi-automated large manufacturing business in India, Fitzpatrick said. Since the simplicity of its products means that it could do components manufacturing in a number of locations and assembly in one location, the company could make assembly happen close to end-users at scale in future, he said.
The company was founded in April 2015 as a spin-out of University of Sydney, where founder Maschmeyer works as a professor of chemistry. The university granted the IP to Gelion and came in as a shareholder, which has seen its stake diluted overtime, Fitzpatrick noted.
When Gelion raised its first significant capital in April 2016 through the strategic partnership with Armstrong Energy, Gelion UK was established to be a holding company, of which Gelion Technologies becomes a wholly owned subsidiary, the CEO said.
by Maggie Lu Yueyang in Sydney