Gelion has released its Interim Results for the six months ended 31 December 2024
Gelion (AIM: GELN), the global energy storage innovator, announces its unaudited interim results for the six months ended 31 December 2024 (H1 FY25) a period in which the Company made significant technical and commercial progress, including signing commercial orders to generate revenue and gross margin to be recognised in the second half of FY25.
Operational Highlights
- Achieved a breakthrough 402 Wh/kg energy density with Gelion’s GEN 3 lithium sulfur (Li-S) technology, making it over 60% lighter than a comparable lithium-ion battery.
- Successfully fabricated advanced sulfide-based solid-state separators using the novel IP licensed from Oxford University Innovation Limited (Oxford University), enabling Gelion to proceed to the next stage of optimisation which has the potential to increase the cycle life of its high energy density GEN 3 Li-S cells.
- Launched Energy Storage Integration Solutions division, with an initial £1 million commercial order, with revenue and margin recognised in H2 FY25.
- Established Battery Minerals, a UK subsidiary, to commercialise the acquired Johnson Matthey IP and secured funding from the UK government’s Department of Business and Trade (DBT), facilitated by the Advanced Propulsion Centre UK (“APC”) as part of the Technology Developer Accelerator Programme (“TDAP”) to support the optimisation of commercial pathways.
- Awarded c.£2.5 million grant by the Australian Renewable Energy Agency (“ARENA”) as matched funding to implement its Advanced Commercial Prototyping Centre (“ACPC”) Project in Sydney to produce, optimise and test its next generation GEN 3 (Li-S and Silicon Sulfur (Si-S)) battery technologies. The Project will commence upon Gelion securing appropriate co-funding.
- Successfully raised gross proceeds of £1.86 million of which £1.7 million was raised pursuant to the placing, subscription and retail offer from existing, new investors and Directors.
Financial Highlights
- Total income of £0.4m (H1 FY24: £0.04m), reflecting the grant income for OXLID.
- Adjusted EBITDA loss of £2.9m (H1 FY24: £3.2m), driven by an increase in total income and largely stable cost base despite the inclusion of the six months financial results of OXLiD.
- Cash at period end of £3.5m (June 24: £3.8m) with nil debt.
Post-period End
- Appointed Dr Graham Cooley as a Non-Executive Director, who brings a wealth of relevant experience through his background in the power, energy storage and hydrogen sectors.
- A further 7.6% (£0.5m) of cost savings has been achieved, driven primarily by reduced Directors’ fees, salaries and discretionary expenses. This builds on the c.£1.1m in savings realised over the last 18 months, bringing the total estimateddecrease in costs to 21% from the FY23 cost base. Approximately 52% of these savings are attributed to lower salaries and wages, with the remainder coming from reduced R&D and administrative expenses.
- Demonstrated the proprietary Gen 3 Sulfur Cathode material viability with solid-state electrolytes, positioning Gelion for a strong market presence in both liquid and solid-state cells.
- Successful award of three patents in the United States for the Group’s core LiS technology and the acceptance of one of its recycling patent applications by the United States Patent and Trademark Office (USPTO), further strengthening Gelion’s IP portfolio.
- Successful completion of Phase 1 of the TDAP, securing a further £100,000 grant for Phase 2, plus a £75,000 booster grant indicating the validation from the APC and partners for Battery Minerals’ technology potential and recognising the commercial traction achieved.
CEO John Wood commented:
“H1 FY25 marked significant progress in strengthening our technological position in sulfur-based battery development. We have successfully unified Gelion’s talent and expertise—including OXLiD and the extensive ex-Oxis IP portfolio acquired from Johnson Matthey—into a single, focused sulfur technology development program. This consolidation is delivering promising test results, reinforcing our confidence in Gelion’s role in the anticipated breakthrough trajectory for sulfur chemistry. At the same time, we have started building revenue and margin through our Integration Solutions business unit. This initiative leverages Gelion’s deep battery expertise to enhance solution engineering while providing valuable real-world application insights that feed back into our own battery technology development. Additionally, we see strong synergies between our integration activities and the supply chain partnerships we are developing for our own battery technologies as they mature. We are confident that 2025 will validate the value of our combined focus—advancing technological leadership in sulfur technology while driving commercial success through strategic collaborations and direct sales in our integration efforts.”