- Li-S Energy (LIS) has begun trading on the ASX after completing an initial public offering (IPO)
- The IPO has raised $34 million through the issue of 40 million shares at 85 cents per share
- The battery technology company is focused on developing lithium-sulphur batteries as an alternative to lithium-ion batteries for the global EV sector
- Li-S Energy is now well capitalised to pursue its commercial, research and development activities with a pro-forma cash balance of $52.9 million
- Company shares closed down 12.9 per cent to trade at $2.10
Li-S Energy (LIS) has officially listed on the ASX after completing an initial public offering (IPO).
The lithium-sulphur battery technology company began trading on Tuesday, September 28, after being admitted to the official list on Friday, September 24.
Around 40 million shares were issued under the IPO at 85 cents per share to raise $34 million.
Following the IPO, PPK Group holds a 45.43 per cent stake which makes it the largest shareholder in the company. Deakin University and BNNT Technology own a 13.02 and 4.69 per cent stake, respectively.
Li-S Energy CEO Lee Finniear commented on the IPO.
“The success of the IPO is testament to the market’s understanding of, and
enthusiasm for, the breakthroughs we have made to render possible the commercial viability of lithium-sulphur batteries,” he said.
“We are in an enviable financial position to pursue commercialisation of our technology into a global market looking for alternatives to lithium-ion batteries – a mature technology that is essentially ‘maxed out’ in terms of opportunities to materially improve its operating performance.”
Li-S Energy is now ‘exceptionally well capitalised’ to pursue its commercial and research and development activities with a pro-forma cash balance of $52.9 million. Of this, the company will put $29 million towards project expenditure.
The global rechargeable battery industry is rapidly scaling due to the rising demand from electric vehicle manufacturers. Currently, lithium-ion battery chemistry is leading the industry which positions the company as a potential key supplier.
According to Li-S Energy, and decades of research, lithium sulphur batteries boast a number of advantages to lithium-ion batteries. These include greater energy capacity, faster charging, enhanced safety, a lighter weight and, as sulphur is naturally occurring with no heavy metals required, it’s considered ‘cleaner and greener’.
Strategically, LIS is developing two new technologies for lithium-sulphur batteries which are currently being tested and have showed potential to extend the batteries’ life cycle and create an alternative to lithium-ion battery technology.
Company shares closed down 12.9 per cent to trade at $2.10.