Professor Thomas Maschmeyer sat on his verandah with colleagues planning how they could revolutionise battery technology that had been around for almost 140 years to make it cheaper and more effective than other options on the market. Little did they know their idea would be worth millions of dollars six years later.
In a huge leap, the company, which now has partners overseas and employs 30 people, is expected to launch an initial public offering on the London Stock Exchange Alternative Investment Market on November 30. Gelion’s market value will be $285 million with a share price of 145p.
The announcement marks the first time a University of Sydney spin-out company has been listed on any stock exchange. The company hopes to break even on an earnings basis by the 2024 financial year.The launch comes as household power bills are predicted to fall over the next three years, with state government commitments to cut greenhouse gases driving an influx of cheaper renewable power into the electricity grid.
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