Energy storage firm Gelion (GELN) opens up on AIM debut
By Jenni Reid
10:44, 30 November 2021
Anglo-Australian energy storage business Gelion (GELN) debuted at 151p ($2.01) on London’s junior market on Tuesday morning, ahead of a placing price of 145p, which valued the company at £154.3m.
It was trading at 149.58p at 11:00 UTC on the Alternative Investment Market (AIM).
Gelion raised £19m through its placing of 11 million new ordinary shares, £3m of which went to shareholders through sales.
Chief executive Andrew Grimes commented: “The successful completion of our IPO represents the beginning of a new chapter as we look to develop new and innovative energy storage solutions both in-house and in conjunction with key industry players and customers.”
Founded out of the University of Sydney in 2015, Gelion is looking to provide new energy storage options during the global transition to renewables.
A team of researchers has produced zinc-bromide battery technology that it says is safer, cheaper and longer-lasting than lithium batteries.
The company also says it is developing additives for lithium batteries that will create “the next generation of ultra-high-energy density batteries to power cars, trucks, drones and aircraft”.
The IPO is set to fund further research and development, as well as the commercialisation of its existing technologies. Gelion has received the London Stock Exchange’s Green Economy Mark, a classification introduced in 2019 and given to companies developing eco-technologies.
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