Gelion PLC (AIM:GEL, OTC:GELNF, FROM: X0S) shares rose over 12% to 18p on Wednesday morning after the sulfur battery technology company reported that its £9.6 million pro forma cash balance and new partnerships with global automotive manufacturers strengthened its position to commercialise its battery technology.
Gelion reported total income of £2.5 million for the year to 30 June 2026, down from £2.7 million a year earlier but 17.1% above analyst consensus, mainly reflecting government grants and research and development tax incentives.
The adjusted earnings before interest, tax, depreciation and amortisation loss widened to £4.4 million from £4.1 million in the previous financial year, although it was 10.4% better than analyst consensus as the company continued investing in technology development, partnerships and commercialisation.
Pro forma cash and cash equivalents stood at £9.6 million, with no debt, and were 21.1% above analyst consensus, providing funding for the next phase of development.
Operational progress included expanded collaborations with TDK Corporation, QinetiQ UK, Nissan Technical Centre Europe and the University of Oxford, alongside development work on its nano-encapsulated sulfur technology, designed as a lower-cost alternative to critical minerals used in lithium-ion battery cathodes.
After the financial year ended, Gelion signed a £2 million funded development and scale-up agreement with Mitsui Kinzoku and agreements with two major global automotive manufacturers to test its sulfur cathode technology for electric vehicle batteries.
The company also reported that independent testing by the National Laboratory of the Rockies showed cells retained 92% of reference capacity at a 20-fold higher cycling rate, supporting further evaluation for defence, aerospace and drone applications.
Chief executive Matt Wood said the company was moving from technology validation towards customer programmes, qualification and scale-up, with a focus on converting its technology into commercial adoption.
Gelion said it had strengthened its intellectual property portfolio with six new patent grants across the US, Europe and Asia, and will hold an investor presentation on Thursday, 22 October.
Source: finance.yahoo.com
