European law firm Fieldfisher has advised Sydney-based battery technology developer Gelion PLC on its admission to trading on London's AIM Market today (30 November 2021).
The company has raised approximately £16 million of new funding through a placing and direct subscription and with a further £3 million being raised for certain selling shareholders. Gelion will have a market capitalisation on admission to trading on AIM of £154.4 million.
Gelion plc is a UK-Australian energy-storage innovator founded in 2015 by Professor Thomas Maschmeyer as a spin-out from the University of Sydney.
The company's patented 'Endure' battery is a zinc-bromide battery cell intended as a cost-effective, long-life and recyclable alternative to lithium-ion and lead-acid (PbA) batteries for off-grid and grid-connected stationary storage of renewable energy.
Gelion's technology controls the electrochemistry of zinc-bromide reactions without the need for a flowing electrolyte, making it safer than some alternative battery chemistries that can be prone to catching fire in certain conditions.
The company intends to use the proceeds of its IPO to invest in the commercialisation of its products and leverage the recognition of a London listing to enhance its profile, signal its quality to potential partners and customers and establish a platform for further growth.
On admission, Gelion qualified for London Stock Exchange's Green Economy Mark, which identifies London-listed companies and funds that generate at least 50% of total annual revenues from products and services that contribute to the global green economy.
Corporate partner Brad Isaac led the Fieldfisher legal team advising Gelion on its IPO. Commenting on Gelion's successful fundraising and admission to AIM, Brad said:
"We congratulate Gelion on its admission to trading as a London-listed company and as a welcome addition to the London AIM Market's growing clutch of Green Economy Mark issuers.
"As a leading adviser to the energy and natural resources sector, Fieldfisher is acutely aware of the need for innovative technologies that will help meet renewable energy and net zero targets.
"We wish Gelion every success in its future as an AIM-listed issuer."
Andrew Grimes, CEO of Gelion added:
"The team at Fieldfisher was superb. Executing a London listing while being based in Australia was challenging, and we were at all times given timely, accurate and complete advice."
Gelion was advised by Brad Isaac, Lily Searle, Dan Shapland and other specialists from Fieldfisher's Band-1 ranked equity capital markets team in London.
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