Gelion PLC (AIM:GELN) shares surged more than 35% higher in Wednesday’s early deals as it struck a deal with mining and commodities major Glencore.
A new joint development agreement (JDA) aims to advance the commercialisation of Gelion’s next-generation battery technologies.
It seeks to leverage Glencore's expertise in battery materials and recycling alongside Gelion's innovative battery technologies.
Specifically, the tie-up will assess the suitability of Gelion's battery technologies for Glencore's stationary and mobile applications, with a pilot testing program and a review of its supply chain for manufacturing materials.
The pair will also explore synergies for future recycling of batteries and potential commercial arrangements, including arrangements for Gelion to supply batteries to Glencore.
“This JDA provides opportunity to assess alongside Glencore the scope of opportunity to potentially introduce Gelion's next-generation battery technologies to the global mining sector,” Gelion chief executive John Wood said in a statement.
Wood added: “We are also excited to explore any potential synergies with Glencore in the field of lithium-ion battery recycling by leveraging the IP recycling patent portfolio Gelion acquired from Johnson Matthey in 2023."
In London, Gelion shares advanced 6.4p or 34.6% to change hands at 24.9p.