Business
Interim results to 31 December 2022
Interim results to 31 December 2022.
About this update from Gelion Plc
[{"type":"text","content":"\n \n 16 March 2023\n \n \n Gelion plc\n \n \n \n (\"Gelion\", \"the Group\" or the \"Company\")\n \n \n \n \n Interim results to 31 December 2022\n \n \n \n \n \n Gelion plc (AIM: GELN), the Anglo-Australian energy storage innovator, is pleased to announce its interim results for the six months ended 31 December 2022.\n \n \n \n \n \n Operational / strategic progress\n \n \n \n \n \n \n \n ·\n \n \n \n Achieved significant milestone with the commissioning of our pilot manufacturing plant at Battery Energy Power Solutions ('Battery Energy') in Western Sydney, Australia\n \n \n \n \n \n ·\n \n \n \n First industrial production of Gelion's zinc-bromide battery technology\n \n \n \n \n \n ·\n \n \n \n Appointment of John Wood as the new CEO, a battery, clean-tech and innovation specialist, bringing over 30 years of significant commercial and manufacturing expertise and C-Suite experience\n \n \n \n \n \n ·\n \n \n \n Launched the zinc-bromide match to market exercise focussed on the identification of applications that are best suited to our technology in the near-term\n \n \n \n \n \n ·\n \n \n \n Demonstrated progress towards success on both half-cells and our proprietary electrolyte based on our LiSiS IP that is intended to be compatible with variety of anode materials, including graphitic, silicon and lithium metal-based. LiSiS batteries offer the potential to produce lower cost, safer batteries with double the range of existing electric vehicles\n \n \n \n \n \n ·\n \n \n \n Developed and implemented a more sophisticated battery management system (\"BMS\") for zinc-bromide batteries, designed to allow for high accuracy measurements\n \n \n \n \n \n ·\n \n \n \n Initiated development of a robust BMS software to manage multi-string systems and provide reliable data for real-time data analysis\n \n \n \n \n \n ·\n \n \n \n Advanced the development of a LiSiS based technology that is intended to be compatible with variety of anode materials, including graphitic, silicon and lithium metal-based\n \n \n \n \n \n \n \n \n \n Financial Highlights\n \n \n \n \n \n \n \n ·\n \n \n \n The Company remains well capitalised with Cash and cash equivalents (incl. term deposits) at period end of £14.4m (June 22: £17.0m)\n \n \n \n \n \n ·\n \n \n \n Debt free balance sheet\n \n \n \n \n \n ·\n \n \n \n Adjusted EBITDA lo...