Battery technology specialist Gelion PLC (AIM:GELN) hailed its technological progress over the past twelve months as income held steady
During the year to June 2024, the group signed partnerships with Glencore and Ionblox and strengthened its position in the development of lithium-sulfur battery technology through the acquisition of OXLiD.
Tech breakthroughs highlighted included 402 Wh/kg energy density with GEN 3 Li-S technology, making it over 60% lighter than a comparable lithium-ion battery plus.
After year-end. Gelion also launched an integration solutions division that will deliver its first commercial order worth £1 million in 2025.
Total income for the year was £2 million (£2.1 million), made up of R&D tax credits and grants while underlying losses [EBITDA] dropped £4.8 million or 13% below market forecasts. Pre-tax losses rose slightly at £7.96 million.
After the year-end, Gelion was awarded a £2.5 million grant from Australia’s ARENA agency and raised £1.7 million in December through a capital round.
John Wood, chief executive, said: "We made significant progress across all our strategic priorities in FY24, successfully delivering on every major milestone we set, driving both growth and operational efficiency while maintaining a disciplined approach to cost management.
"We have made notable strides in expanding Gelion's technological capabilities, strengthening our position in key markets, and advancing important partnerships.
“This, combined with the launch of our Integration Solutions business post-period end, where we secured a £1 million commercial order, with revenue and margin expected to be recognised in the first half of 2025, positions us well for the future."