Gelion PLC - Sydney-based battery cell developer - Starts trading on AIM in London on Tuesday after raising GBP19 million for the company and selling shareholders in its initial public offering. The IPO price of 145 pence per share gives the company an initial market capitalisation of GBP154.4 million. The stock is trading at 151.8p, up 4.7% on Tuesday afternoon.
finnCap Capital Markets is its nominated adviser and broker.
Gelion was founded in 2015 as a spin-out from University of Sydney to commercialise the 'Endure' battery. The zinc-bromide battery cell is intended to be a long-life and recyclable alternative to lithium-ion and lead-acid batteries for stationary storage of renewable energy. Gelion is given the London Stock Exchange's Green Economy Mark upon its listing.
By Tom Waite; thomaslwaite@alliancenews.com
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Gelion (GELN)