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Highlights:
- Gelion made strategic advancements with key partnerships and acquisitions in FY24.
- GELN reduced operational losses by 18%, with a clear focus on cost management.
- Secured £1.7m funding in December 2024 to support future innovation in energy storage.
Gelion, an Australian-based leader in energy storage technology, has revealed its audited final results for the year ending 30 June 2024, marking a year of significant operational milestones and strategic developments. The company, which focuses on next-generation battery technologies, continues to make substantial strides in commercializing its innovative lithium-sulfur (Li-S) solutions. The year was also highlighted by key financial achievements, partnerships, and a focus on sustainable growth.
Operational Highlights
Gelion’s operational performance was bolstered by the acquisition and integration of OXLiD Ltd, a UK-based company specializing in lithium-sulfur battery technology. This acquisition enhanced Gelion’s technological capabilities and established the company’s presence in the UK, opening doors to partnerships with top universities and industry leaders. This move aligns with Gelion’s long-term strategy to enhance its position in the growing energy storage market.
The company also signed several Joint Development Agreements (JDAs) with prominent industry players, including Glencore and Ionblox. These JDAs represent a critical part of Gelion’s strategy to advance its next-generation battery technologies and accelerate their commercial deployment.
Additionally, the company strengthened its leadership team by adding experienced professionals from Panasonic and OXIS, reinforcing the expertise behind Gelion’s lithium-sulfur development.
Financial Overview
Despite a challenging market environment, Gelion’s financial results were in line with expectations. The company generated a total income of £2.0m for FY24, primarily from R&D tax incentives and grant income, slightly down from £2.1m in the previous year.
Gelion’s adjusted EBITDA loss was reduced to £4.8m, representing an 18% improvement from FY23 and 13% below market expectations. The company’s pro forma cash and cash equivalents, including R&D tax incentives, stood at £5.4m at year-end, a decrease from £9.2m in 2023. The reduction was attributed to the OXLiD acquisition and additional operating expenses associated with expanding operations.
The adjusted loss after tax for FY24 was £6.3m, compared to £7.1m in FY23, further reflecting Gelion’s focus on operational efficiencies and cost management. In total, the company implemented cost-saving initiatives resulting in approximately £1.1m in savings, despite the increased costs linked to the OXLiD acquisition.
Post-Period Highlights and Strategic Initiatives
After the close of FY24, Gelion achieved a breakthrough with its GEN 3 lithium-sulfur (Li-S) technology, achieving an energy density of 402 Wh/kg. This advancement makes Gelion’s technology over 60% lighter than traditional lithium-ion batteries, positioning the company as a leader in energy storage innovation.
Gelion also secured funding to support the optimization of its Battery Recycling Intellectual Property (IP), aiming to contribute to more sustainable practices in battery manufacturing. The company launched an Integration Solutions division, which secured an initial £1 million commercial order. This order will contribute revenue and margin recognition in FY25.
Additionally, the company was awarded a £2.5m grant by the Australian Renewable Energy Agency (ARENA) for its Advanced Commercial Prototyping Centre (ACPC) Project. This project will focus on producing and optimizing next-generation battery technologies, with the aim of testing and validating them for global commercial partners.
In December 2024, Gelion successfully completed a capital raise round, securing £1.7m from both existing and new investors. This funding will further support Gelion’s research and development efforts and expansion plans as it looks to capitalize on the growing demand for sustainable energy solutions.
