An Australian firm developing a new type of battery for use in remote sites will list in London next month with a market value of £120mln.
Gelion Technologies wants to raise more than £16mln to commercialise its technology, according to reports today.
The firm, a spin-out from the University of Sydney, has developed a way of using an electrolyte gel in zinc-bromide batteries to make them tougher, more efficient and better able to work at high temperatures than existing battery technologies.
Gelion said it will target places currently using diesel generators alongside a renewable power source such as a wind turbine.
Andrew Grimes, chief executive, added: “Our early market is going to be focusing on areas that particularly suit these applications - off-grid and agricultural. Australia is a really great proving ground for this, but it’s not our only market.”
Manufacturing deals are already in place in Australia and India with a third supplier being lined up in the US.
FinnCap, the company’s broker, said: “It was an “is an exciting and potentially transformative battery technology that is a low-cost, safe and recyclable alternative to lithium-ion and lead-acid batteries.”