Gelion PLC (AIM:GELN) jumped over 13% on Wednesday after launching a new energy storage business and announcing its first order for £1 million.
This will complement Gelion’s battery technology development and offer a route to market for its products, the company said in a statement.
Signed with Borg Group subsidiary Group Energy, Gelion added the business’ initial order was for two high-performance one-megawatt lithium-ion containerised battery energy storage systems.
There was also scope for further deals with Borg in the future, Gelion said, with the storage business set to focus on the Australian market initially.
“Our team at Gelion has end-to-end experience in energy storage, from advanced cell chemistry, through product and application integration to cloud-based monitoring,” chief executive John Wood said.
“We are structuring to build commercial success while also sustaining and developing the customer-facing expertise that will help us introduce our own leading technologies.”
Shares climbed 13.3% to 20.96p.