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https://reneweconomy.com.au/australian-battery-innovator-raises-a20m-to-help-commercialise-its-remarkable-lithium-sulfur-tech/>
"Australia-originated and UK-listed energy storage innovator Gelion has raised
more than £10 million ($A20.5 million) from existing and new shareholders, to
help commercialise the company’s “remarkable” sulfur battery technologies.”
Gelion, originally spun out of the University of Sydney, last week raised an
aggregate of £10 million through the issue of 50,000,000 new shares, followed
by an as-yet undisclosed amount from a separate retail offer that was closed
early on Monday due to a high level of demand.
The fundraising follows the news that Gelion has been awarded two patents in
the US, boosting the company’s efforts to “build a defensible moat around its
unique approach to next-generation sulfur technology.”
Last week, the company also sealed a deal with an as-yet unnamed “Tier-One”
battery manufacturer, described as a global outfit with more than 100,000
employees and major manufacturing facilities across Asia, Europe, and the
Americas, serving industries such as automotive, industrial, and consumer
technology.
Gelion says some of the proceeds of the fundraising will be used to meet the
terms of the new deal with the manufacturing partner, including to achieve
commercial pouch cell prototypes and “progress towards product market fit.”
“Gelion is very grateful for the support being extended to our business by our
existing and new investors,” said Gelion CEO John Wood.
“We have established a very strong position in the world of battery technology
innovation through the efforts of the Gelion team and under the stewardship of
our board.
“The funding entrusted to us gives our Company the opportunity to convert that
position to commercial success through applied development and collaboration
across the full supply chain.
“Our plan is to move quickly, following a capital light path where we
concentrate focus on our core areas of unique important differentiation and to
work with partners to continue to deliver breakthrough collaboration and global
industry leadership for Gelion’s remarkable Sulfur Battery technologies.”"
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
