16th Oct 2024 13:00
(Alliance News) - Gelion PLC on Wednesday unveiled a new energy storage business, which has achieved its first commercial order totalling GBP1.0 million.
The commercial agreement will see the Anglo-Australian battery innovator supply Borg Group subsidiary, Group Energy, with two high-performance containerised battery energy storage systems from its new integrated solutions business.
According to Borg, these will support the business in its sustainability goals and help it to "participate in the Australian frequency response market and conduct energy arbitrage and peak shaving."
Revenue for this order is expected to be recognised by Gelion in the first half of 2025, with scope for further commercial agreements with Borg under consideration.
Borg Group Managing Director John Borg said: "We are confident in the success of this project and look forward to expanding these integrated solutions across additional Borg locations in the future."
Shares in Gelion climbed 24% to 23.00 pence in London on Wednesday afternoon.
The integrated solutions business leverages Gelion's existing engineering capabilities and sector expertise and will initially target the Australian market.
Gelion Chief Executive Officer John Wood stated: "We are structuring to build commercial success while also sustaining and developing the customer facing expertise that will help us introduce our own leading technologies. We value the opportunity to provide this solution to Borg Group, an Australian company deeply committed to sustainable practice and look forward to growing the Integration business."
By Christopher Ward, Alliance News reporter
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