REG - Gelion PLC - Interim results to 31 December 2022
16/03/2023 07:00
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RNS Number : 1425T Gelion PLC 16 March 2023
16 March 2023
Gelion plc
("Gelion", "the Group" or the "Company")
Interim results to 31 December 2022
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.
Operational / strategic progress
· Achieved significant milestone with the commissioning of our pilot
manufacturing plant at Battery Energy Power Solutions ('Battery Energy') in
Western Sydney, Australia
· First industrial production of Gelion's zinc-bromide battery technology
· 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
· 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
· 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
· Developed and implemented a more sophisticated battery management system
("BMS") for zinc-bromide batteries, designed to allow for high accuracy
measurements
· Initiated development of a robust BMS software to manage multi-string systems
and provide reliable data for real-time data analysis
· 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
Financial Highlights
· The Company remains well capitalised with Cash and cash equivalents (incl.
term deposits) at period end of £14.4m (June 22: £17.0m)
· Debt free balance sheet
· Adjusted EBITDA loss for the period: £4.4m (H1 FY22 EBITDA loss: £2.3m)
indicative of the investments made to develop and progress on the path towards
commercialisation
· Our FY23 guidance is largely in line with our expectations at the time of the
IPO
Post Period Highlights
Acciona trial
· Manufactured 1,200 zinc-bromide cells for the Acciona trial from our pilot
manufacturing line.
· BMS is currently being subject to internal testing and validation to occur in
realistic on-site environment prior to trial start.
· Completed the zinc-bromide match to market exercise with opportunities
identified that have potential for strong competitive advantage in many lead
acid applications, particularly within the fast discharge space e.g.,
Uninterruptible Power Supply (UPS) for data centres and telecommunications,
ESS and other stationery applications etc.
Lithium-Silicon-Sulfur
· Acquired world leading intellectual property ("IP") portfolio from Johnson
Matthey:
- Contains over 450 patents granted, based on 82 patent families, which
strengthens our position in the (LiSiS) market and accelerate technology
development, fast-tracking commercialisation pathways
- This acquisition strongly complements current LiSiS technological advancements
and its IP portfolio. The combination of Gelion's existing and the new IP
portfolio has the potential to facilitate and fast track technological
advancements to deliver ground-breaking high energy density lithium technology
to the market up to 5 years earlier that the current industry estimates
- Sulfur cathode technologies promise exceptional performance and market
desirability. The combination of the Johnson Matthey IP portfolio with
Gelion's incumbent solutions is intended to provide paths to address the
primary challenges to establish durability and place Gelion at the forefront
of the competitive lithium-sulfur battery space
· Building up on the Johnson Matthey acquisition, Gelion acquired the IP assets
in relation to sulfur cathodes, electrolytes and additives from the University
of Sydney by converting the existing exclusive licence, providing Gelion with
greater control of the entire IP around LiSiS.
· Gelion was selected for the "Supercharge Australia Innovation Challenge" to
support lithium battery innovation and capture more value from the lithium
battery supply chain. Gelion aims to use the initiative to extend visibility
and understanding of the strength, relevance, and ultimate potential of its
LiSiS initiative and to help further develop important connections inside the
Australian and Global supply chain.
Dr Steve Mahon, Non-Executive Chairman commented: "H1 FY23 was an exciting
period of development for Gelion, during which we welcomed CEO, John Wood.
Since his arrival, John has deployed his sector experience working alongside
our experienced team further refining our strategy in order to deliver long
term, sustainable growth.
"Our post-period end IP acquisitions in the LiSiS space are incredibly
exciting and give us a more robust platform from which to develop Performance
Additives, while the production of around 1,200 zinc-bromide batteries is a
clear sign of the progress being made as we work towards bringing our products
to market.
"We remain committed to creating and delivering long-term value to our
shareholders. Notwithstanding, the unprecedented macro-economic environment
seen in 2022, Gelion's growth drivers remain strong. Clean technologies will
be fundamental to the transition to a green economy and we are well placed to
service this growing market. We continue along our path to commerciality and
look to the future with confidence, with an experienced management team,
energised workforce, clearly defined market opportunity and a product set
capable of making a tangible difference."
John Wood, Chief Executive Officer commented: "It has been very encouraging to
work with the Gelion team to develop our planning toward realizing the
potential of both of our technology streams for our shareholders and other
stakeholders.
Recognizing the strength of opportunity opened by the work that has been done
toward unlocking paths to high performance, safety, and low cost that have
been opened by the Gelion Lithium Silicon Sulfur work we acted quickly to
strengthen our program and protection with the Johnson Matthey IP acquisition
following with the IP acquisition from the University of Sydney.
On the zinc-bromide side, the early production has been very helpful in
defining a work plan toward establishing the best match to market and the
areas of focus to achieve before investing in scaling. We have a talented
team and they have exhibited a strong willingness to work at the combined
levels of creativity and rigour needed for success in advanced innovation".
Investor presentation
John Wood, CEO, Amit Gupta, CFO and Thomas Maschmeyer, Founder and
Non-Executive Director, will host an interim results retail investor
presentation via the Investor Meet Company platform on 23 March 2023 at 9.30am
GMT. The presentation is open to all existing and potential shareholders and
registration can be completed via the following link:
https://www.investormeetcompany.com/gelion-plc/register-investor
(https://www.investormeetcompany.com/gelion-plc/register-investor)
Interim Report
Copies of the Interim Report can be viewed and downloaded from the Company's
website: https://gelion.com/investors/documents-notices/
(https://gelion.com/investors/documents-notices/) .
CONTACTS
Gelion plc via Alma PR
John Wood, CEO
Amit Gupta, CFO
Thomas Maschmeyer, Founder and Principal Technology Advisor
finnCap Ltd (Nominated Adviser and Sole Broker) +44 207 220 0500
Corporate Finance
Christopher Raggett
Seamus Fricker
Fergus Sullivan
ECM
Barney Hayward
Alma PR (Financial PR Adviser) +44 20 3405 0205
Justine James gelion@almapr.co.uk
Hannah Campbell
Will Ellis Hancock
About Gelion plc
Gelion ("gel: ion") is a global renewable-energy storage innovator who
supports the transition to a sustainable economy while delivering value for
its customers and investors by designing and manufacturing the outstanding
zinc-bromide batteries for stationary energy storage and Lithium Sulfur and
Lithium Silicon Sulfur technologies for mobile battery applications.
Mobile storage - Tomorrow's transport systems will rely on mobile renewable
energy. Gelion is developing sulfur cathode, electrolyte, and additive
technologies with the aim of improving the safety, longevity and energy
density of lithium-based batteries for mobile applications. Using
nanotechnology, Gelion's lithium-silicon-sulfur additives will help power the
EV and e-aviation markets.
Stationary storage - Gelion Endure: the sustainable energy storage solution.
Gelion has developed patented technology for a breakthrough zinc-bromide
battery to support the transition to a carbon neutral economy by 2050. The
technology is being developed with the goal of establishing Gelion Zinc
Bromide as a logical participant in the ecosystem of suppliers, manufacturers
and customers surrounding lead acid technology.
Gelion's zinc-bromide gel battery uses non-flow technology, which is scalable,
can deliver 100% depth of discharge and has potential for higher temperature
tolerance and longer duration discharge than lead-acid batteries.
Gelion was spun-out from the University of Sydney in 2015 by Professor Thomas
Maschmeyer, Fellow of the Australian Academy of Science and recipient of the
Australian Prime Minister's Prize for Innovation 2020, that country's highest
honour for scientific entrepreneurship.
The Company's ESG credentials are strongly aligned to six of the UN's 17
Sustainable Development Goals.
Gelion's shares are listed on the AIM market of the London Stock Exchange and
it received the Green Economy Mark at IPO in November 2021 recognising its
commitment to energy transition.
www.gelion.com (http://www.gelion.com)
CEO Statement
I am pleased to report on my first interim results statement as CEO, since
joining the very talented team at Gelion in December 2022.
As I outlined on appointment, the energy storage industry will perform a
crucial role in supporting the global renewable energy transition. Gelion's
core strategy remains focussed on developing the Company to be a global
contender in the energy storage market while delivering real-world impact
through our technology.
The last few months have reinforced my view that Gelion offers exceptional
technology solutions that will ensure the Company remains a force at the
forefront of this fast-moving and highly competitive space. Our focus is to
refine and deliver these breakthrough technologies in a form suitable for our
large target markets.
I am pleased to report that we have achieved two key milestones with the
successful completion of our first pilot production of our zinc-bromide cells
and significant advancements in the performance of our performance additive
technology.
A match-to-market study for our zinc-bromide technology generated valuable
data, which we will use to further develop our technology to strategically
position our batteries with a competitive advantage for several core lead-acid
applications. The end market is vast, but it is critical that we deliver a
robust and proven product that meets customer requirements in the target
markets identified.
While Gelion has made significant advancements in our sulfur cathode
development over the last few months, the recent strategic acquisition of the
two intellectual property portfolios, from Johnson Matthey, and the transfer
of previously licensed IP from the University of Sydney, will provide greater
flexibility to realise the full potential of our technology within the LiSiS
space. We view this space as being the primary business unit for value growth
in the near term. These acquisitions complement and strengthen Gelion's
position within the LiSiS space and provide significant opportunities to
rapidly accelerate the development toward achieving highly important industry
goals of gravimetric energy density, safety, and lower cost ahead of competing
efforts. They will also help to develop a moat of protection around our work
as its importance progressively becomes more broadly recognised.
With a view to long term flexibility, market value and business prospects,
Gelion is designing our cell technology which is intended to be compatible
with a variety of anode technologies, including graphitic, silicon and lithium
metal-based anodes.
Gelion has achieved clear operational progress in the first half of the
financial year, building on momentum from the prior year. We continue to
experience strong customer interest in our technology and continue to develop
a strong partnership base that will assist in fast-tracking our path to
commercialisation.
I am encouraged by the progress we have made over the last few months and am
confident that the business plans will deliver long-term, sustainable growth
for the benefit of our shareholders.
Our Technology
Our technology will help power the transition from fossil fuels to renewable
energy. Gelion is currently developing battery technologies that will
revolutionise the lead-acid and lithium energy storage markets.
Zinc-Bromide Technology
Our zinc-bromide technology aims to provide a viable alternative to current
lead-acid batteries, which will solve key limitations of these current
technologies. Our technology offers a path to competitive advantage in the
lead-acid battery market by providing a safer, more sustainable and more
durable solution to traditional lead-acid batteries.
Gelion's zinc-bromide gel battery uses non-flow technology, which is scalable,
can deliver 100% depth-of-discharge with no loss of function or damage to the
battery, and is tolerant of temperature extremes.
Gelion's zinc-bromide technology has been designed with safety in mind. Our
chemistry is fire resistant and has been engineered to minimise the risk of
thermal runaway, even under deliberate fault scenarios.
Gelion's battery is distinct from other zinc energy storage technologies in
the market, utilising our proprietary gel technology. Our technology is
well-suited to, and is highly competitive for adaption to, high-power
discharge applications currently serviced by the lead-acid market.
Lithium-Silicon-Sulfur (LiSiS) Technology
Gelion aims to transform the energy storage industry through its development
of sustainable, high-performance LiSiS batteries that offer a competitive
advantage over traditional lithium-ion technologies by providing a safer,
cost-effective alternative with superior energy density.
The inherent features of sulfur-based chemistries provide significant
improvements with regards to safety compared to current technologies. The
mechanism by which our batteries operate reduces the risk of thermal runaway
and catastrophic failure, even in the event of a short-circuit.
There is a strong push to continue to develop technologies with higher energy
densities to continue to drive down the price, weight, and size of
lithium-based battery packs. With the theoretical gravimetric energy density
of LiSiS technologies predicted to be more than double of that achievable with
existing Nickel Manganese Cobalt ("NMC") graphite-based lithium
batteries. 1 Our LiSiS technology is at the cutting edge of next-generation
lithium energy storage solutions.
Our Strategy
The global battery market is anticipated to increase five-fold over the next
ten years. The lead-acid- and lithium-based batteries remain key players,
comprising around 90% of the total global energy storage market. Lithium-ion
batteries are forecast to reach a value of US$110 billion (~1.3TWh Capacity)
by 2030, whilst the lead-acid market is anticipated to maintain its strong
position with a projected market value of US$49 Billion (480GWh) in 2030 2 .
Our strategy is to target both markets with products that are both
commercially viable, to increase shareholder value, and competitive against
current incumbent technologies.
Gelion's core strategy remains committed to growing the Company to be a
leading, renowned innovator of cutting-edge commercial solutions for the
global energy storage market to facilitate the successful transition to a
sustainable economy. Gelion is focussed on the development of the next
generation technologies to ensure that Gelion will be a force at the forefront
of energy storage technologies and can deliver long-term value to our
investors.
Zinc-Bromide Technology
The global push to rapidly decarbonise the electricity sector to meet net-zero
targets has led to a significant acceleration in demand for stationary,
long-duration energy storage (LDES) solutions. Gelion had initially focused on
penetrating this market with our zinc-bromide technology. However, this market
is currently dominated by Lithium technologies that are well-entrenched.
In-depth assessment has indicated that this would be a difficult market for
Gelion to break into at this stage. It is expected that there will be a
general reluctance by companies to use relatively untried technologies for
large-scale long-duration energy storage applications, beyond initial pilot
testing. Many companies are looking for solutions that can guarantee lifetimes
of 10-20 years or more. While Gelion has performed rigorous internal testing
of our batteries, the batteries are yet to be tested in real-life applications
beyond the small pilot / demonstration stage.
Without this proven commercial field performance, we believe the acceptance of
our technology could be limited for the LDES space in the short term and it
is, therefore, not prudent to focus on this sector for commercialisation for
the initial product launch. As a result, the Group has made the decision to
pivot towards alternative storage applications that will enable us to first
establish our technology within the market before exploring potential LDES
applications. This approach will guarantee the viability of the Group into the
future and ensure that we can deliver long-term value to our shareholders.
As a result of this pivot, Gelion initiated a rigorous match-to-market
exercise to identify key applications where our technology can readily
penetrate and disrupt the current markets. This process confirmed that there
is a greater opportunity for zinc-bromide technologies to successful penetrate
non-LDES applications and identified the competitive advantage of our
technology for high-discharge applications for several target applications
e.g. Uninterruptible Power Supply (UPS) for data centres and
telecommunications, ESS and other stationery applications etc. currently
dominated by lead-acid technologies. These target applications have higher
battery turnovers and will embrace new technologies that can provide
significant improvements in battery performance.
The match-to-market study highlighted areas where our technology needs to be
refined in order to better meet key requirements of potential end customers.
One fundamental requirement for all identified target applications is the
capability for high-power discharge. Gelion will undertake further research
and development activities to further improve the suitability of our battery
for these high-power applications. An additional requirement is toward the
ability to support dynamic cycling patterns without frequent maintenance
cycles. Our zinc cell design currently uses "strip cycles" where we discharge
the cell fully as maintenance. We had planned to integrate this maintenance
transparently to use as an integrated system function but after market review,
we have decided to reach higher, toward achieving improved cell performance to
reduce/eliminate the maintenance function need. Therefore, our current focus
is on optimising our technology to better meet these requirements while also
engineering for cost improvement to ensure Gelion can deliver a robust and
proven product to our target markets before investing to scale production.
This further refinement is pivotal to ensuring there is a straightforward
pathway to commercial success.
While this shift in Gelion's commercialisation approach will require time and
investment, the Board believes that this approach provides both the most
effective stewardship of the Company's resources and the fastest pathway to
the successful launch of a new technology into a highly competitive and mature
market, while leveraging the achievements already made.
Target Applications
Zinc-bromide batteries offer a competitive advantage in several key market
applications currently dominated by lead-acid technologies, by providing a
safer, more sustainable, and more durable solution. Critical analysis of
technological capabilities identified that our batteries are well-suited for
high-power discharge applications.
Our rigorous match-to-market investigation identified several target markets
where our zinc-bromide technology has significant market potential. These
target markets all have high-power discharge applications and include
Uninterruptible Power Supply (UPS) for data centres and telecommunications,
ESS and other stationery applications etc. We are currently exploring and
evaluating the market potential and our competitiveness in additional
applications, including motive and other stationary (excluding LDES)
applications.
The target markets are significant, multi-billion-dollar markets that will
provide Gelion with the opportunity to demonstrate the impact of our
technology at a commercial scale and build a solid foundation that identifies
Gelion, and our technology, as a strong participant in the energy storage
market.
Source: CBI Avicenne Report 2021
Lithium-Silicon-Sulfur Technology
The global uptake of lithium-ion technologies continues to grow rapidly, with
demand for these batteries forecast to grow roughly 700% to 3.5TWh per year by
2030. 3 There is a strong push to develop alternative lithium-based
technologies with higher energy densities to continue to drive down the price,
weight and size of lithium-based battery packs.
Gelion's lithium team has focussed on developing sulfur-based cathodes that
can be coupled with existing lithium-ion and lithium-silicon anode
technologies to provide a battery with improved safety and increased energy
density at a reduced cost compared to traditional lithium batteries. This
presents a compelling commercial proposition with a range of viable
applications, including electric vehicles, e-aviation, and drones.
Gelion's innovative sulfur-based cathode aims to solve some of the current
challenges with lithium-sulfur technologies, including the provision of a
sulfur management solution. As communicated in December 2022, we made
substantial progress, achieving 300 usage cycles with less than 20% capacity
loss with our additives in half-cells, which is a significant improvement
compared to the less than 100 cycles achievable for cells without an additive.
Gelion is accelerating its research in this area and is commencing early
stages of full cell testing, with a goal to develop a LiSiS battery by pairing
our innovative cathode technology with a silicon-based anode. While initial
research will focus on a LiSiS battery, our technology is being developed to
ensure future flexibility and intended to have intrinsic compatibility to
lithium metal, graphitic, and silicon-based anode technologies. As part of our
development strategy Gelion has acquired two IP portfolios that significantly
strengthen our market position. With this acquisition, we now have access to a
range of innovative technologies that enable us to pursue multiple pathways of
cell development, allowing us to deliver superior products and services to our
customers. In addition, this portfolio provides us with the ability to prevent
others from adopting various Lithium Sulfur design solutions, furthering our
opportunity to cement our position as a leading player in the industry.
Gelion primary focus will be on the development of key aspects where we
already possess strong research capabilities, including further cathode
development, electrolyte formulation and cell design. Gelion is currently
seeking to form partnerships with leading silicon anode innovators to
fast-track the development of a commercially viable LiSiS battery solution and
capitalise in a rapidly evolving market.
Gelion, in partnership with other major industry participants, is exploring
the potential to establish pilot scale manufacturing capabilities within the
LiSiS space.
Post-period end
Lithium-based Intellectual Property Acquisitions
· IP portfolio acquisition from Johnson Matthey
On 9 March 2023, Gelion announced the acquisition of a significant IP
portfolio from Johnson Matthey, a British multinational chemicals and
sustainable technologies company. This portfolio consists of over 450 granted
patents, based on 82 families, and applications covering a broad variety of
lithium-based battery inventions, as well as Johnson Matthey's silicon alloy
development programme, technology transfer packages, market and portfolio
analysis, and manufacturing design and cost models. Significantly, this
acquisition included the complete IP portfolio from Oxis Energy Limited, which
was a world leading lithium-sulfur battery innovator, and covers various
essential aspects of lithium-sulfur technologies. However, we recognise that
one significant challenge in this field is sulfur management, which if left
unaddressed, can lead to batteries with poor durability and reduced commercial
feasibility. Combining this portfolio with Gelion's existing portfolio, i.e. a
core strength around cutting-edge sulfur management strategies, consolidates
Gelion's position in the highly competitive lithium-sulfur battery space.
With Gelion's current focus on the development of sulfur cathodes, the Group
is in advanced discussions for the sale of the silicon anode-based IP
portfolio, to a third party, resulting in a net cost of £3 million to Gelion
for the Johnson Matthey IP acquisition.
· IP acquisition from University of Sydney
The Johnson Matthey IP portfolio acquisition was followed shortly afterwards
by the acquisition of intellectual property assets from the University of
Sydney. This involves the transfer of patents, technical information and
future improvements relating to sulfur cathodes to Gelion. This IP was
previously licensed by Gelion, and, through our research activities, we have
made considerable progress in the further development of this technology. This
acquisition gives Gelion greater control over future development opportunities
and opens up new commercialisation pathways, ensuring that Gelion can fully
exploit this ground-breaking technology.
One of Gelion's core principles is to establish a strong and resilient IP
portfolio, which strengthens Gelion's position and provide effective
protection to retain our competitive advantage in the energy storage market.
While Gelion continues to generate new IP and know-how through our research
and process development activities, the two acquisitions outlined above are
strategically significant to Gelion's growth strategy in the LiSiS market and
future commercialisation plans. These acquisitions will enhance and further
strengthen our IP portfolio, while also facilitating a rapid acceleration in
the development of our next-generation LiSiS technology.
Supercharge Australia Innovation Challenge
Gelion has been selected to participate in the Supercharge Australia
Innovation Challenge. Supercharge Australia is a project of the partnership
project between the not-for-profit startup support organisations New Energy
Nexus globally and EnergyLab in Australia and New Zealand. New Energy Nexus
has offices in 11 countries and is head-quartered in the US, and EnergyLab is
the leading local climate and clean energy tech startup support organisation,
both supporting clean energy entrepreneurs with funds, accelerators, and
networks.
A key purpose of Supercharge Australia is to bring the Australian industry
together to understand where innovation is required and leverage New Energy
Nexus' global expertise, including its role in the US Department of Energy's
Lithium Bridge project combined with EnergyLab's leading Australian startup
support expertise to accelerate the development of a robust and secure
domestic supply chain for lithium-based batteries and associated businesses.
Gelion aims to use the initiative to extend visibility and understanding of
the strength, relevance, and ultimate potential of its LiSiS initiative and to
help further develop important connections inside the Australian and Global
supply chain.
Zinc-Bromide Cell Manufacture
Gelion has successfully manufactured approximately 1,200 gel-based
zinc-bromide cells on our first industrial pilot line. This pilot line was
developed in partnership with Battery Energy Storage Solutions Pty Ltd and has
generated learnings that provide valuable insight into the scaled production
of our technology.
While these cells have passed initial testing using a cell evaluation regime
develop by Gelion, this testing was not completed using analogous conditions
to those expected during an in-field validation trial.
Gelion is committed to delivering products that meet customer needs and
expectations. Rigorous testing and end-to-end validation of our zinc-bromide
cells have started using equivalent conditions and infrastructure that will be
utilised in the trial. Our batteries will be deployed for independent in-field
validation trial only after the successful completion of this internal
testing.
As part of this trial, Gelion has developed and implemented a more advanced
battery management system (BMS) that has been designed to allow for high
accuracy measurements of the batteries. Our BMS has been intentionally
designed to be compatible with other battery chemistries. We are continuing to
develop a robust BMS software to manage multi-string systems and provide
reliable data for real-time data analysis. This will provide invaluable
information regarding our technology's battery performance during real-world
application.
FY23 Outlook
We have made significant progress in H1 FY23 with the launch of the pilot
manufacturing facility, first production of the zinc-bromide batteries, and
technological developments made by the team in both product categories; I am
excited to have joined a business with huge growth opportunities and such an
innovative team.
Within the LiSiS market, we are accelerating development supported by the most
recent IP acquisition to further consolidate our position in this market and
focusing on developing our strong partnership base that will assist in
fast-tracking our path to commercialisation.
Gelion has now successfully manufactured approximately 1,200 zinc-bromide
cells for the Acciona trial from our pilot manufacturing line and in the near
term, we will focus on developing a robust BMS software to ensure accurate and
timely data.
Our aim is to develop zinc-bromide cells towards product optimisation and cost
management, building on the great work already done by the Gelion team to
establishing the best match to market and the areas of focus to achieve before
investing in scaling.
It has been a strong first half for Gelion and with the global renewable
energy transition accelerating at pace, we are confident in our ability to
deliver / achieve FY results in line with expectations.
John Wood
CEO
16 March 2023
CFO Statement
H1 FY23 has been a period of significant evolution for Gelion across all
fronts with strides made in terms of technological development, adapting and
learning during the setup of the pilot manufacturing facility, identifying the
right target market best suited for our zinc-bromide batteries, making
significant inroads into the Lithium Silicon Sulfur space, organic and
inorganic initiatives which are all steps towards delivering a commercial
product to suit our customer needs.
Interim results
The results for the six months ended 31 December 2022 reflect the ongoing
efforts towards product development, industrial production of Gelion
zinc-bromide cells, BMS development and costs incurred towards the Acciona
trial - Phase 1 and phase 2.
Revenue
Consistent with the historical periods, our policy is to recognise any R&D
tax incentive income at year-end only which in our case is June. Given the
importance of getting these claims accurately filed with the Australian
Taxation Office (ATO), we only recognise these once the detail work supporting
these incentive claims is finalised by the team, reviewed, signed off by an
independent advisor and finally, the auditors.
Adjusted EBITDA loss
Adjusted EBITDA loss for the period was £4.4m (H1 FY22 EBITDA loss: £2.3m).
The increase in the losses were driven by:
· Additional costs of being a public company (prior period costs were largely as
a private company);
· Investment in strengthening our capability by increasing average headcount to
51 in H1 FY23 (H1 FY22: 28) to support development of chemistry (scientists
and chemical engineers), manufacturing (mechanical engineers), and strategy
execution (executive and commercial team) for both zinc-bromide and LiSiS
batteries;
· Ongoing and new R&D activities; and
· Expenses incurred in the ongoing manufacturing and BMS development activities
related to the Acciona trial project including utilising labour hire staff.
Balance sheet
The Company has a strong balance sheet to continue its development program
· Cash and cash equivalents (incl. term deposits) at period end: £14.4m (June
22: £17.0m)
· No debt on the balance sheet
FY23 Outlook
Gelion will continue to pursue its rigorous cost management and capital
deployment strategy however strategic decisions to accelerate development and
commercialisation such as the Johnson Matthey IP acquisition to maximise
shareholder return will be taken by the board.
With an efficient cost base and a debt free balance sheet, we are well placed
to deliver a result for FY23 which is in line with our expectations and we are
confident about the long-term prospects for the Group.
It is also worth noting that whilst disruptions from COVID-19 continue to
decline, the associated macroeconomic challenges are still ongoing and are
impacting businesses globally e.g. inflation, higher interest rates, supply
chain disruptions, increased freight costs, employee remuneration. These have
significantly increased cost of doing business globally and companies
including Gelion, are not immune from this.
Keeping the above in mind, I am very pleased to confirm that we continue to be
well capitalised and are progressing the developments as planned. Our guidance
for the full FY23 is largely in line with our expectations at the time of the
IPO.
Amit Gupta
CFO
16 March 2023
Consolidated Statement of Comprehensive Income (unaudited)
Notes Six months ended 31 Dec 2022 Six months ended 31 Dec 2021
£'000 £'000
UNAUDITED UNAUDITED
Revenue from contracts with customers - -
Other income - -
Total income - -
Administrative expenses 3 (2,348) (1,255)
Share-based payments (181) (49)
Research and development expenditure 4 (2,294) (1,127)
Operating loss before listing and other associated costs (4,823) (2,431)
Listing and other associated costs 5 - (4,481)
Operating loss (4,823) (6,912)
Finance costs (2) (45)
Finance income 76 -
Loss on ordinary activities before taxation (4,749) (6,957)
Tax on loss on ordinary activities - -
Loss on ordinary activities after taxation (4,749) (6,957)
Total loss for the year attributable to equity holders of the parent
Other comprehensive income:
Items that may be reclassified to profit or loss
- Exchange gains/(losses) arising on translation of foreign (42) 157
operations
Total comprehensive loss for the year attributable to equity holders of the (4,791) (6,800)
parent
Loss per share (basic and diluted) attributable to the equity holders (pence) 6 (4.40) (7.50)
The above results relate entirely to continuing activities.
There were no acquisitions or disposals of businesses in the period.
Consolidated Balance Sheet (unaudited)
Notes 31 Dec 2022 30 June 2022
£'000 £'000
UNAUDITED AUDITED
Assets
Non-current assets
Intangible assets 389 362
Property, plant and equipment 1,254 1,050
Current assets
Cash and cash equivalents 8,210 16,024
Short-term investments (term deposits) 6,230 1,017
Other receivables 446 2,153
Total Assets 16,529 20,606
Liabilities
Current liabilities
Trade and other payables 1,384 854
Non-current liabilities
Trade and other payables 31 31
Total liabilities 1,415 885
Net assets 15,114 19,721
Equity
Issued capital 7 108 107
Share premium account 7 20,662 20,662
Other non-distributable reserves 7 2,944 5,148
Capital reduction reserve 7 11,194 11,194
Accumulated losses (19,794) (17,390)
Total equity 15,114 19,721
Consolidated Statement of Cash Flows (unaudited)
Six months ended 31 Dec 2022 Six months ended 31 Dec 2021
£'000 £'000
UNAUDITED UNAUDITED
Cash flow from operating activities*
Loss for the year before exchange losses (4,749) (6,957)
Adjustments for:
- Depreciation 199 133
- Amortisation 6 6
- finance costs 2 -
- finance income (19) -
- share-based payments expense 181 3,826
Changes in operating assets/liabilities
- Decrease / (increase) in receivables 1,707 963
- Increase / (decrease) in payables 522 125
Net cash used in operating activities (2,151) (1,904)
Cash flows from investing activities
Purchase of intangible assets (34) (31)
Purchase of tangible property, plant and equipment (371) (162)
Short-term investments (term deposits) (5,213) (27)
Interest received 19 -
Net cash used in investing activities (5,599) (220)
Cash flows from financing activities*
Proceeds from issue of shares 1 16,196
Proceeds on issue of convertible loan notes that were subsequently converted - 5,999
Transaction costs of issue of shares* - (1,520)
Repayment of leasing liabilities (23) (61)
Net cash used in financing activities (22) 20,614
Net increase/(decrease) in cash held (7,772) 18,490
Cash and cash equivalents at beginning of financial year 16,024 1,913
Effect of exchange rate changes (42) 157
Cash and cash equivalents at end of reporting period 8,210 20,560
* The Company has reclassified transaction costs related to the issue of
shares for the financial year 2022 as originally reported in the Annual
Report, from operating activities to financing activities. The net effect of
this reclassification for the financial year 2022 is a decrease of £805k in
cash flow from operating activities and an increase in cash flow from
financing activities by the same amount, therefore no net impact.
Consolidated Statement of Changes in Equity (unaudited)
Share capital Share premium Accumulated losses Capital reduction reserve Other non-distributable reserves Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 July 2021 33 11,251 (8,389) - 691 3,586
Total comprehensive loss for the period - - (6,957) - 157 (6,800)
Contributions by and distributions to owners:
Bonus issue 57 (57) - - - -
Capital reduction - (11,194) - 11,194 - -
Share-based payment charge - - - - 3,826 3,826
Shares issued during the period 17 22,025 - - - 22,042
Costs of shares issued - (1,520) - - - (1,520)
Exercise of share options - 153 141 - (141) 153
Balance at 31 Dec 2021 107 20,658 (15,205) 11,194 4,533 21,287
Balance at 1 Jan 2022 107 20,658 (15,205) 11,194 4,533 21,287
Total comprehensive loss for the period - - (2,200) - 556 (1,644)
Contributions by and distributions to owners:
Share-based payment charge - - - - 76 76
Costs of shares issued - (21) - - - (21)
Exercise of share options - 25 17 - (17) 25
Balance at 30 June 2022 107 20,662 (17,388) 11,194 5,148 19,723
Balance at 1 July 2022 107 20,662 (17,388) 11,194 5,148 19,723
Total comprehensive loss for the period - - (4,749) - (42) (4,791)
Contributions by and distributions to owners:
Share-based payment charge - - - - 181 181
Shares issued during the period 1 - - - - 1
Forfeited / cancelled share options - - 2,343 - (2,343) -
Balance at 31 Dec 2022 108 20,662 (19,794) 11,194 2,944 15,114
Notes to The Consolidated Financial Statements
1. General Information
Gelion Plc ('Gelion' or the 'Company') is a 100% owner of an Australian
subsidiary that conducts research and development in respect of an innovative
battery system and associated industrial design and manufacturing.
Gelion is a public limited company, limited by shares, incorporated and
domiciled in England and Wales. The Company was incorporated on 26 September
2015. The registered office of the Company is at 3(rd) Floor, 141-145 Curtain
Road, London, EC2A 3BX. The registered company number is 09796512.
Gelion Plc was incorporated as Gelion UK Ltd. On 12 November 2021, the Company
was re-registered as a public limited company under the Companies Act and its
name was changed to Gelion plc.
The Board, Directors and management referred to in this document refers to the
Board, Directors and management of Gelion.
2. Accounting Policies
2.1 Basis of preparation
These interim consolidated financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting. They do not include all
disclosures that would otherwise be required in a complete set of financial
statements and should be read in conjunction with the 2022 annual report.
2.2 Going concern
The Directors believe that the Company has adequate resources to continue
trading for at least 12 months from the date of approval of this report.
Accordingly, they continue to adopt the going concern basis in preparing the
Interim Financial Statements.
2.3 Earnings per share
Basic earnings/loss per share
Basic earnings/loss per share is calculated by dividing:
· the profit or loss attributable to owners of Gelion Plc, excluding
any costs of servicing equity other than Ordinary Shares; by
· the weighted average number of Ordinary Shares outstanding during the
financial year, adjusted for bonus elements in Ordinary Shares issued during
the financial year.
Diluted earnings/loss per share
Diluted earnings/loss per share adjusts the figures used in the determination
of basic earnings/loss per share to take into account:
· the after-income tax effect of interest and other financing costs
associated with dilutive potential Ordinary Shares; and
· the weighted average number of shares assumed to have been issued for
no consideration in relation to dilutive potential Ordinary Shares.
2.4 Share-based payments
The Group provides benefits to its employees in the form of share-based
payments, whereby employees render services in exchange for shares or rights
over shares (equity-settled transactions) in the parent entity.
The cost of these equity-settled transactions with employees is measured by
reference to the fair value of the equity instruments at the date at which
they are granted. The fair value is determined using a Black- Scholes model.
This calculation is completed by the parent entity.
The cost of these equity-settled transactions is recognised as an expense,
with a corresponding increase in equity, over the period in which the service
conditions are fulfilled (the vesting period), ending on the date on which the
relevant employees become fully entitled to the award (the vesting date).
At each subsequent reporting date until vesting, the cumulative charge to
profit and loss is the product of:
· the grant date fair value of the award;
· the current best estimate of the number of awards that will vest;
· the expired portion of the vesting period; and
· the removal of any fair value attributable to share options that have
contractually lapsed, expired, cancelled or forfeited.
The charge to profit and loss for the period is the cumulative amount as
calculated above less the amounts already charged in previous periods. There
is a corresponding entry to the share-based payment reserve in equity.
If a share-based payment arrangement is modified, the minimum expense
recognised over the vesting period is the original fair value. If the
modification increases fair value, the additional fair value is recognised
over the remaining vesting period.
Share-based payments deemed non-recurring
The Group operated a share option plan whereby employees and key service
providers were granted options over shares in Gelion UK Limited. Due to the
Company's admission to trading on AIM which took place on 30 November 2021 all
unvested options were vested triggering an accelerated share-based payment
expense.
In addition to the existing share option plan the Group agreed to grant
options over Ordinary Shares pursuant to obligations under the service
agreements with the relevant individuals. These service agreement obligations
were triggered by admission to trading on AIM. The service condition was to be
employed with a company in the Group at vesting.
Both the acceleration of option vesting and additional options granted
pursuant to service agreement obligations are triggered by the Company's
admission to AIM and therefore can be considered as part of the same
non-recurring event.
2.5 Foreign currency translation
The functional currency of each company in the Group is that of the primary
economic environment in which the entity operates. Monetary assets and
liabilities denominated in foreign currencies are translated into GBP at the
rates of exchange ruling at the period end. Transactions in foreign currencies
are recorded at the rate ruling at the date of the transaction.
All differences are taken to the Statement of Comprehensive Income. On
consolidation, the assets and liabilities of the Group entities that have a
functional currency different to the presentational currency are translated
into GBP at the closing rate at the date of the Statement of Financial
Position. Income and expenses for each statement of profit or loss are
translated at average exchange rates for the period. Exchange differences are
recognised in other comprehensive income and accumulated in a foreign exchange
translation reserve.
2.6 Critical accounting judgements and key sources of
estimation uncertainty
R&D tax incentives
From 1 July 2011, the Australian Taxation Office has provided a tax incentive,
in the form of a
refundable tax offset of 43.5%, for eligible research and development
expenditure. The Group recognises a receivable for R&D tax incentive at
the year-end only based on total eligible expenditure incurred during the
year. As such, no R&D tax incentive receivable has been recognised for the
period ended 31 December 2022.
3. Administrative Expenditure
Administrative expenditure includes personnel and related costs (including
salaries, benefits and payroll tax) and costs associated with external
consultancy services, as well as depreciation.
4. R&D Expenditure
R&D expenditure includes personnel and related costs (including salaries,
benefits and payroll tax) and costs associated with product research, design
and development.
5. Listing and Other Associated Items
Six months ended 31 Dec 2022 Six months ended 31 Dec 2021
£'000
£'000
UNAUDITED UNAUDITED
Non-recurring items - listing costs - 401
Non-recurring items - share-based payments accelerated due to listing - 3,777
Non-recurring items - key management bonus due to listing - 303
Total non-recurring items - listing and other associated costs - 4,481
During the six months ended 31 December 2021, certain costs were incurred in
the period relating to the Company converting from a private to public limited
company, its subsequent admission to AIM, issuance and sale of shares and
associated professional costs.
As set out in the Admission Document, 11,063,679 new Ordinary Shares were
issued and 2,068,966 existing shares were sold. The Company's conversion and
subsequent admission to AIM is a one-off event and therefore considered
'non-recurring'.
These non-recurring expenses are therefore separately disclosed to assist the
user of the financial information to understand and compare the underlying
results of the Company.
6. Loss Per Share
Six months ended 31 Dec 2022 Six months ended 31 Dec 2021
UNAUDITED UNAUDITED
Loss after tax £4,749,000 £6,957,000
Weighted average number of shares (number) 107,577,979 92,744,562
Loss per share (pence) 4.4p 7.5p
The calculation of the loss per share is based on the loss for the financial
period after taxation of £4,749,000 (2021: £6,957,000) and on the weighted
average of 107,577,979 (2021: 92,744,562) Ordinary Shares in issue during the
period.
There were 5,657,795 share options outstanding as of 31 December 2022 (30 June
2022: 7,562,795) under the original share option. In the six months to 31
December 2022, 1,905,000 options were forfeited / cancelled, most of which
relates to the ex-CEO.
The Group introduced the new share option plan during the period and a total
of 255,951 options were granted to employees in August 2022. In addition,
2,704,000 share options were granted to new CEO as part of his employment
agreement. As a result, total outstanding options as of 31 December 2022 were
8,617,746 (original share option plan: 5,657,795; new share option plan:
2,959,951).
The impact of these options would be to reduce the diluted loss per share and
therefore they are antidilutive. Hence, the diluted loss per share reported
for the periods under review is the same as the earnings per share.
7. Issued Capital and Reserves
Share capital and premium
Ref. Number of shares capital
on issue
Share
premium
£'000 £'000
Balance as at 1 July 2021 a 4,494,196 33 11,251
Bonus issues and reorganisation b 85,389,724 57 (57)
Capital reduction c - - (11,194)
Shares issued during the period d 11,063,679 11 16,032
Loan notes converted to equity e 5,516,240 6 5,993
Cost of shares issued f - - (1,520)
Exercise of share options 560,000 - 153
Balance as at 31 Dec 2021 107,023,839 107 20,658
Cost of shares issued - - (21)
Exercise of share options 111,000 - 25
Balance as at 30 June 2022 107,134,839 107 20,662
Shares issued during the period g 1,026,515 1 -
Balance as at 31 Dec 2022 108,161,354 108 20,662
a) Gelion had two classes of share at 1 July 2021 - A Ordinary and B Ordinary
which ranked pari passu.
At 30 June 2021 there were 3,335,196 A Ordinary Shares of £0.01 each.
At 30 June 2021 there were 1,159,000 B Ordinary Shares of £0.0000086 each.
b) On 2 September 2021, the Company consolidated the 1,159,000 B Ordinary
Shares of £0.0000086 each into 1,000 B Ordinary Shares of £0.01 each, on the
basis of one B Ordinary Share of £0.01 for every 1,159 B Ordinary Shares of
£0.0000086 held on the record date (the 'B Share Consolidation').
On 2 September 2021, following the B Share Consolidation, the Company issued
1,158,000 new B Ordinary Shares of £0.01 each by way of a bonus issue to the
holders of such shares on the basis of 1,158 B Ordinary Shares for each one B
Ordinary Share held on the record date (the 'First Bonus Issue').
On 3 September 2021, following completion of the First Bonus Issue, the
Company issued 3,335,196 A Ordinary Shares of £0.01 each and 1,159,000 B
Ordinary Shares of £0.01 each pursuant to a bonus issue of such shareholders
on the basis of one A Ordinary Share for each A Ordinary Share held and one B
Ordinary Share for each B Ordinary Share held, in each case on the record date
(the 'Second Bonus Issue').
c) Immediately following the Second Bonus Issue, a capital reduction was
undertaken and the balance standing to the credit of the share premium account
was cancelled and the amount so cancelled was credited to a distributable
reserve.
On 12 November 2021, the A Ordinary Shares of £0.01 each in the capital of
the Company and the B Ordinary Shares of £0.01 each in the capital of the
Company then in issue were redesignated as Ordinary Shares of £0.01 each in
the capital of the Company carrying the rights and subject to the restrictions
attaching to the Ordinary Shares of the Company as set out in the Articles
(the 'Re-designation')
On 13 November 2021, the Company sub-divided each Ordinary Share of £0.01
each arising from the Re-designation into ten new Ordinary Shares of £0.001
each.
d) Immediately prior to admission to AIM the Company had 89,883,920 shares in
issue. 11,063,679 new Ordinary Shares of £0.001 each were issued in the
fundraising following admission to AIM.
e) On 30 November 2021, a convertible debt instrument was fully converted into
5,516,240 Ordinary Shares of £0.001 each.
f) Transaction costs incurred in the issuing of shares in the period ended 30
June 2022 of £2,346,000 (2021: £nil) of which £1,541,000 have been offset
against share premium and £805,000 have been expensed.
g) On 19 October 2022, 1,026,515 Ordinary Shares of £0.001 each were issued
to ex-CEO Andrew Grimes (related party transaction) in exchange for
relinquishing 1,830,000 options that had vested.
Nature and purpose of other reserves
Other reserves
- Share-based payments reserve
The share-based payments reserve is used to recognise the value of
equity-settled share-based payments provided to employees, including key
management personnel, as part of their remuneration. Refer to note 8 for
further details of these plans.
During the period, 1,830,000 vested options were forfeited in exchange for
shares issued to ex-CEO Andrew Grimes. The fair value of the forfeited /
cancelled options recognised in share-based payment reserve to 31 December
2022 was £2,342,775, the majority of which (£2,324,100) related to Andrew
Grimes forfeited options.
- Foreign currency translation reserve
The subsidiary's functional currency is AUD and therefore on consolidation a
foreign exchange gain or loss on translation of net assets is recognised
through other comprehensive income at each reporting date. These gains or
losses are accumulated in a foreign currency translation reserve.
- Capital reduction reserve
Immediately following the Second Bonus Issue, the balance standing to the
credit of the share premium account was cancelled and the amount so cancelled
was credited to a distributable reserve called the 'capital reduction
reserve'.
Other non-distributable reserves:
Share-based payment reserve Foreign currency translation reserve Total other reserves
£'000 £'000 £'000
Balance at 1 July 2021 892 (201) 691
Foreign currency translation reserve movement - 157 157
Share-based payment charge 3,826 - 3,826
Exercise of options (141) - (141)
Balance at 31 December 2021 4,577 (44) 4,533
Foreign currency translation reserve movement - 556 556
Share-based payment charge 76 - 76
Exercise of options (17) - (17)
Balance at 30 June 2022 4,636 512 5,148
Foreign currency translation reserve movement - (42) (42)
Share-based payment charge 181 - 181
Forfeited / cancelled share options (2,343) - (2,343)
Balance at 31 December 2022 2,474 470 2,944
8. Share-Based Payments
The Directors recognise the role of the Group's staff in contributing to its
overall success and the importance of the Group's ability to incentivise and
motivate its employees. Therefore, the Directors believe that certain
employees should be given the opportunity to participate and take a financial
interest in the success of the Company.
In prior years, the Group operated a Share Option Plan whereby employees and
key service providers were granted options over shares in Gelion UK Limited.
Due to the Company's admission to trading on AIM which took place on 30
November 2021 all unvested options were vested triggering an accelerated
share-based payment expense.
In addition to the existing Share Option Plan, the Group agreed to grant
options over Ordinary Shares pursuant to obligations under the service
agreements with the relevant individuals. These service agreement obligations
were triggered by admission to trading on AIM. The service condition is to be
employed with a company in the Group at vesting. Both the acceleration of
option vesting and additional options granted pursuant to service agreement
obligations are triggered by the Company's admission to AIM and therefore can
be considered as part of the same non-recurring event.
In July 2022, the Board introduced a new Share Option Plan. The plan is
designed to motivate and incentivise key talent to assist the Group in
achieving its strategic aims whilst remaining consistent with its tolerance
for risk, all set within delegated limits set out during the recent IPO.
These options are structured as nominal cost options. The options will
normally vest in three equal tranches over three years, subject to continued
employment.
On 21 November 2022, 255,951 options were granted that will vest in three
equal tranches, the first anniversary is 31 August 2023, followed by annual
vesting on 31 August 2024 and 31 August 2025. The options were granted with
the exercise price of 0.1 pence and will be exercisable up to the tenth
anniversary of the grant.
On 8 December 2022, 2,704,000 options granted to Mr John Wood and these will
vest in three tranches as follows: 12 months from grant date 1,622,400, 24
months from grant date 540,800 and 36 months from grant date 540,800. The
options were granted with the exercise price of 0.1 pence and are exercisable
up to the fifth anniversary of the grant.
Six months ended 31 Dec 2022 Six months ended 31 Dec 2021
£'000
£'000
UNAUDITED UNAUDITED
Recurring share-based payment expense recognised 181 49
Non-recurring share-based payment expense recognised - 3,777
Total share-based payment expense 181 3,826
9. Events subsequent to period end
Post 31 December 2022, Gelion has made the following acquisitions. The below
summarises the details of these acquisitions including the impact on the
financial information.
1. Johnson Matthey IP acquisition
On 9 March 2023, Gelion signed an agreement to acquire a world-leading IP
portfolio in a range of next generation battery material technologies from
Johnson Matthey, a British multinational chemicals and sustainable
technologies company. The Company acquired the entire LiSiS patent portfolio
for £4.25 million which includes over 450 patents across 82 patent families.
This transaction will be funded from the cash resources of the Company.
With the Group's focus on sulfur cathodes, Gelion is in advanced discussions
to sell a subset of patents (73 patents across 17 patent families) as well as
applications relating to silicon anode to a third party for c.£1.25 million.
Should the third-party sale being successful, the net cash impact will be
c.£3 million.
2. Lithium Sulfur IP acquisition from University of Sydney
On 13 March 2023, Gelion acquired the University of Sydney's ("University")
Lithium Sulfur IP for a total consideration of AUS$130,000, which was
satisfied by the issue of 171,396 ordinary shares in Gelion plc (the
"Consideration Shares") at a price of 42.83 pence which are expected to be
admitted on or around 17 March 2023.
On the issue of shares, the University will transfer to Gelion plc the
patents, the technical information and any improvements in relation to sulfur
cathodes (including suitable additives and electrolytes), including all of its
right, title and interest in any improvement to date and in the future,
created by the University or its associates.
This acquisition converts Gelion's existing exclusive licence with the
University to use its Lithium Sulfur technology within its additives business
to create LiSiS batteries.
1 Wu and Yushin, Energy Environ. Sci., 2017, DOI: 10.1039/c6ee02326f
2 Avicenne Energy for CBI 2021
3 Source: BNEF, Long-term Electric Vehicle Outlook 2022.
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