Gelion plc (LSE:GELN) has reported total income of £2.5 million for the financial year ended 30 June 2026, alongside an adjusted EBITDA loss of £4.4 million, as the battery materials developer continued work on its Nano-Encapsulated Sulfur (NES™) cathode technology and expanded its industrial partnerships.
The company ended the financial year with pro forma cash of £9.6 million and no debt, following an oversubscribed capital raise generating net proceeds of £9.9 million.
Government grants and research and development tax incentives from the UK and Australia accounted for a substantial proportion of the group’s income during the period, providing funding equivalent to more than 60% of its research expenditure.
Gelion said the additional capital would support continued technology development, manufacturing scale-up and commercialisation activities.
During the financial year, the company progressed development of its NES™ sulfur cathode platform, including the launch of a programme funded by the Australian Renewable Energy Agency (ARENA). Technical work included achieving performance milestones in sulfur coin cells and advancing lithium-sulfur patent applications in the United States.
Gelion also expanded its research and development collaborations with TDK, QinetiQ, Nissan Technical Centre Europe and the University of Oxford.
In the United States, the company established a partnership with the National Laboratory of the Rockies to support NES™ technology development and investigate opportunities for a domestic battery materials supply chain.
Manufacturing activities included completing a technology transfer from the Max Planck Institute and increasing NES™ cathode active material production capacity in Australia.
Gelion also secured an exclusive global licence covering its NES™ cathode intellectual property. The technology is being developed for integration into existing lithium-ion and sodium-ion battery manufacturing processes, with the company seeking to reduce the need for changes to established production infrastructure.
Management changes during the period included the appointment of Matt Wood as chief executive officer and Professor Rachid Yazami as Technology Advisor. Founder John Wood transitioned to a Senior Advisor position.
Since the financial year-end, Gelion has entered into a £2.0 million funded development and scale-up agreement with Mitsui Kinzoku. The programme will evaluate NES™ technology for applications including automotive batteries, stationary energy storage, consumer electronics, aerospace and defence.
The company has also signed testing and proof-of-concept agreements with two automotive manufacturers, described as being among the world’s top 15 and top five manufacturers, respectively. The programmes will assess the suitability of NES™ sulfur cathode technology for electric vehicle batteries.
In defence-related development, Gelion completed the Advanced Propulsion Centre-funded ARMD4 programme, which evaluated lithium-sulfur pouch cells incorporating NES™ technology under operating conditions representative of drone missions.
According to the company, testing demonstrated stable cycling and high-power performance under the programme’s specified conditions.
Additional independent testing conducted by the National Laboratory of the Rockies showed that cells retained 92% of their reference capacity when operated at a cycling rate 20 times higher than the reference rate. Gelion said the findings support further evaluation of the technology for defence, aerospace and unmanned aerial vehicle applications.
The group also expanded its intellectual property portfolio with six new patents across the United States, Europe and Asia.
Gelion’s NES™ technology uses sulfur-based cathode materials designed to offer an alternative to conventional battery cathodes containing critical minerals. The company is targeting applications across automotive, industrial, consumer electronics, energy storage and defence markets.
Looking ahead, management is concentrating on progressing customer development programmes, increasing production capabilities and pursuing commercial agreements with battery manufacturers and industrial partners.
The company is seeking to move its NES™ platform from technical validation towards commercial adoption, with ongoing development and testing programmes intended to establish its suitability for different battery applications.
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