The Sydney-based energy storage innovator completed a share placing of over 106mln ordinary shares priced at 145p each giving it a market value of £154.3mln.
Gelion, which commenced trading at 8:00 am GMT today, saw its shares climb to 151p by 13:00 pm GMT.
“The successful completion of our initial public offering represents the beginning of a new chapter as we look to develop new and innovative energy storage solutions both in-house and in conjunction with key industry players and customers,” said chief executive Andrew Grimes.
Gelion has developed what it says is a super-safe stationary battery storage technology by using a patented gel technology invented by founder Professor Thomas Maschmeyer, which although heavier and larger than conventional flow batteries can perform at high temperature and so be extremely fire retardant, which makes them ideal for remote communities as well as agricultural, mining and water-associated needs.
Gelion said the funds raised in the IPO will help fund full commercialisation of existing technologies, as well as further funding research and development into lithium batteries to provide “ultra high energy” to power electric cars, electric trucks and electric aviation.
The company also was given the London Stock Exchange’s Green Economy Mark today, letting investors know when a company or fund generates over half of its total annual revenues from products and services that use renewable energy sources.
Read More: Gelion PLC begins trading on AIM to commercialise energy storage offering