LONDON (ShareCast) - (Sharecast News) - Energy storage technology company Gelion reported total income of £2m in its final results on Friday, primarily from research and development tax incentives and grant income, consistent with market expectations.
The AIM-traded firm reduced its adjusted EBITDA loss to £4.8m, an 18% year-on-year improvement and 13% better than projections.

Adjusted losses after tax narrowed to £6.3m for the 12 months ended 30 June, from £7.1m in the prior year.

Pro forma cash and cash equivalents, including research and development tax incentives, stood at £5.4m as of the end of June, compared to £9.2m a year earlier.

Cost management initiatives yielded about £1.1m in savings despite added expenses related to the acquisition of OXLiD.

Operationally, Gelion said it strengthened its position in lithium-sulfur (Li-S) battery technology through the acquisition and integration of OXLiD, which also expanded its UK footprint and academic collaborations.

Joint development agreements with Glencore and Ionblox supported the company's efforts to commercialise next-generation battery technologies.

Leadership capabilities were bolstered with key hires, the board said, including talent with experience at Panasonic and OXIS, enhancing its Li-S expertise.

Post-period developments included achieving a breakthrough energy density of 402 watt hours per kilogram with its GEN 3 Li-S technology, making it over 60% lighter than comparable lithium-ion batteries.

Funding was secured to optimise commercial pathways for its battery recycling intellectual property, and an integration solutions division was launched with an initial £1m commercial order, contributing to 2025 revenue.

Gelion also received a £2.5m grant from the Australian Renewable Energy Agency to develop an advanced commercial prototyping centre in Sydney, subject to securing matching co-funding.

Additionally, in December, Gelion completed a capital raise, securing £1.7m from new and existing investors to support its growth initiatives.

The company said it remained focussed on advancing its cutting-edge battery technologies while maintaining a prudent approach to financial management.

"We made significant progress across all our strategic priorities in 2024, successfully delivering on every major milestone we set, driving both growth and operational efficiency, while maintaining a disciplined approach to cost management," said chief executive officer John Wood.

"We have made notable strides in expanding Gelion's technological capabilities, strengthening our position in key markets, and advancing important partnerships."

Wood said that, combined with the launch of the firm's integration solutions business post-period end where it secured a £1m commercial order, with revenue and margin expected to be recognised in the first half of 2025, positioned Gelion well for the future.

"Our balance sheet has since been further strengthened following the successful £1.7m fundraise, and I would like to thank both new and existing shareholders for their support in making this possible."

At 1223 GMT, shares in Gelion were up 1.54% at 17.77p.

Reporting by Josh White for Sharecast.com.

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