Gelion PLC - London-based battery energy storage systems, with operations in UK and Australia - Raises £2.0 million, as planned, from the sale of 22.6 million new shares at 9 pence each in a placing and subscription. Gelion hopes to raise a further £191,390 from an offer at the same price to retail investors. The placing is run by Oberon Capital and Allenby Capital as joint bookrunners.
The fresh equity will fund Gelion’s recently announced partnership with Max Planck Institute, as well as an expansion of its Integration Solutions business. ‘Recent testing suggests that, coupled with the Max Planck Institute, our technology can match and exceed the minimum performance required to be compelling for a wide range of important industry applications,’ says Gelion Chief Executive Officer John Wood.
Gelion says it will recognise £780,000 in revenue this month or next following the successful factory acceptance testing of a 4-megawatt hour battery energy storage system for Group Energy Pty Ltd, part of Australia’s Borg Group. Installation of the system is planned for June.
Current stock price: 10.34p for £15.4 million market capitalisation
12-month change: down 57%
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