Li-S Energy

What Li-S Energy does

Li-S Energy Limited (ASX: LIS) is an Australian battery technology company founded in 2019 to commercialise lithium-sulfur and lithium-metal battery chemistry originating from Deakin University. The company's core technology embeds two proprietary nanomaterials into cells: Boron Nitride Nanotubes (BNNTs, sourced exclusively through partner BNNTTL and for which Li-S Energy holds exclusive global distribution rights to other battery makers) and its own patented Li-nanomesh™ nano-composite, which together address the cycle-life failures that have historically blocked Li-S commercialisation. Its third-generation (GEN3) 20-layer semi-solid-state Li-S cells deliver over 400 Wh/kg gravimetric and 540 Wh/l volumetric energy density — roughly double the gravimetric density of conventional lithium-ion — and have passed nail-penetration safety testing exceeding UL2271, UL2580, and US Military MIL-PRF-32383/4X standards.

The company operates from a Brisbane registered office and a 2 MWh Phase 3 production facility at Deakin University's ManuFutures 3 campus in Geelong, Victoria — Australia's largest battery dry room (220 sqm), built at a cost exceeding AU$10M and officially opened in August 2024. Since July 2025 the same site has produced Australia's first sovereign 100-micron lithium metal foils. Revenue mechanics are pre-commercial: cells are supplied as test and qualification units to defence, aerospace, and drone OEM partners (Praetorian Aeronautics, MSubs, magniX, V-TOL Aerospace, Kea Aerospace, Halocell, and an unnamed leading defence technology company) under negotiated enterprise agreements. The business model targets three future revenue streams — direct cell and pack sales, lithium foil exports into a global market forecast to reach US$51B by 2032, and ultimately IP and nanomaterial licensing to gigafactory-scale battery manufacturers.

Li-S Energy's go-to-market is enterprise field sales directed at defence contractors and aerospace OEMs, augmented by event-driven development at airshows (notably Avalon) and a planned technology-licensing model. Customer segments are vertically concentrated in defence and aerospace (drones, UUVs/USVs, interceptor drones, HALE and HAPS platforms) and electric aviation (eVTOL and electric propulsion). Capitalisation has relied heavily on Australian government programmes — ARENA (AU$7.86M), Industry Growth Program (AU$1.76M), Emerging Aviation Technology Partnerships (AU$1.35M), and REACH/Trailblazer (up to AU$5M) — supplemented by equity on the ASX. The company employs 11–50 people and is led by Managing Director and CEO Dr Lee Finniear, with a global advisory panel chaired by former CATL CTO Bob Galyen.

Name

Li-S Energy

Legal name

Li-S Energy Limited

Website

https://lis.energy

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Li-S Energy Limited (ASX: LIS) is an Australian battery technology company developing GEN3 lithium-sulfur and lithium-metal cells using proprietary BNNT and Li-nanomesh™ nanomaterials, supplying defence, aerospace, drone, and electric-aviation OEMs from its 2 MWh Geelong facility while scaling toward a 1 GWh gigafactory.

Ownership category

akta.pro rank

Product category

Advanced Lithium-Sulfur Battery Cells

NAICS

Battery Manufacturing (33591)

SIC

Electronic Coils, Transformers & Other Inductors (3677)

akta.pro primary industry

Solid-State Battery Materials & Cell Manufacturing (EUAFABAH)

akta.pro secondary industry

Cathode Active Materials (CAM) Manufacturing (EUAFABAB)

Keywords

• Lithium sulfur batteries
• Lithium metal batteries
• Battery cell manufacturing
• BNNT nanomaterials
• Defense aerospace batteries

Headquarters

HQ city

Brisbane

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Operations, Personnel, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Battery Cells and Packs Sales: Direct sale of Li-S Energy lithium-sulfur and lithium-metal battery cells and packs to defence, drone, and e-aviation partners for integration into their platforms. The company produces cells at its Geelong facility and supplies test and trial cells to partners.
2. Lithium Foil Exports: Beyond using lithium foil in its own batteries, the company intends to export high-quality lithium foils internationally as an additional revenue stream to capitalise on the growing lithium foil market. Global demand for lithium metal foil is forecast to reach US$51 billion by 2032.
3. Technology Licensing and IP Royalties: Long-term strategy to license proprietary Li-S and Li-metal battery IP (including BNNT and Li-nanomesh technology) to existing battery manufacturers for gigawatt-hour-scale production. The company plans to supply nanomaterials critical to production as the licensing mechanism.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Li-S Energy manufactures advanced lithium-sulfur and lithium-metal battery cells and packs using proprietary Boron Nitride Nanotubes (BNNTs) and its Li-nanomesh™ nano-composite to deliver more than twice the gravimetric energy density of conventional lithium-ion cells. Its GEN3 semi-solid-state cells exceed 400 Wh/kg and pass nail penetration tests beyond UL2271, UL2580, and US Military MIL-PRF-32383/4X standards, targeting defence, aerospace, drone, HAPS, and electric aviation OEMs. The company also produces 100-micron lithium metal foils at its Geelong Phase 3 facility as Australia's first sovereign lithium foil manufacturer.

Product overview

Li-S Energy offers a portfolio of advanced lithium-based battery technologies centered around lithium sulfur and lithium metal batteries. The core products include GEN3 semi-solid state lithium sulfur batteries delivering over 400 Wh/kg energy density, supported by proprietary Li-nanomesh™ and BNNT (Boron Nitride Nanotubes) nano-composite technologies. The company operates from its 2MWh Phase 3 production facility in Geelong, Victoria (Australia's largest dry room), manufacturing battery cells and producing in-house lithium metal foils. Services include comprehensive battery testing using Byterat analytics platform with AI-powered predictive capabilities. Target markets include drones, electric aviation, defense, and electric vehicles.

Differentiator

Problem solved

Functional benefit

Products and services

• Lithium-Sulfur Battery Cells and Packs Li-S Energy's core lithium-sulfur battery cells and packs using proprietary Boron Nitride Nanotubes (BNNTs) and Li-nanomesh™ nano-composite to deliver more than twice the gravimetric energy density of conventional lithium-ion at comparable volumetric density. Sold to defence, aerospace, drone, and electric aviation OEMs for integration into platforms requiring lightweight, high-energy-density power.
• Lithium-Metal Battery Cells and Packs Lithium-metal battery cells using the Li-nanomesh™ nano-composite for anode protection, accommodating higher power draws than lithium-sulfur variants. Targeted at electric vehicles, scooters, and multi-prop drones requiring very high energy density and high power output.
• GEN3 20-Layer Semi-Solid-State Lithium-Sulfur Cells Third-generation 20-layer semi-solid-state lithium-sulfur battery cells delivering over 400 Wh/kg gravimetric and 540 Wh/l volumetric energy density, nearly double the gravimetric density of current Li-ion at comparable volume. Features a low-flammability electrolyte and BNNT integration, with cells successfully passing nail penetration tests exceeding UL2271, UL2580, and US Military MIL-PRF-32383/4X standards. Sold to defence, aerospace, drone, and electric aviation customers.
• Lithium Metal Foils (100-micron) High-purity 100-micron-thick lithium metal foils produced from lithium metal ingots at Li-S Energy's Geelong facility for use as anodes in lithium-sulfur and lithium-metal batteries. Australia's first sovereign lithium foil manufacturing capability, intended for export to global battery manufacturers in addition to internal use.
• Battery Cell Testing Services Comprehensive in-house battery testing services at Li-S Energy's Geelong facility including nail penetration, crush, external short circuit, drop, vibration, high altitude, thermal, and cycle testing. Equipped with advanced cell cyclers that simulate mission profiles, including deep ocean pressure-test chambers for partner evaluations. Available to defence, aerospace, and battery development partners.

Quantifiable outcome

• More than double the gravimetric energy density compared to lithium-ion batteries (same weight, double range)
• +5 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature5 records

Partnerships

15 partnerships are on record, tiered core and minor.

• MSubs LtdcoreStrategic or Co-development Partner · 1 December 2025Partnership with UK underwater vehicle specialist (global leader delivering advanced UUV and USV platforms for UK MoD, US Navy, and USSOCOM) to test Li-S batteries in deep ocean environments. MSubs' specialised pressure-test chamber sent to Geelong facility for extreme submarine-depth pressure and multi-day mission endurance testing. If trials perform as expected, Li-S batteries to be evaluated for MSubs' current and future undersea platforms.
• Praetorian AeronauticscoreStrategic or Co-development Partner · 9 October 2025Collaboration agreement signed October 2025 to integrate Li-S Energy's lithium-sulfur batteries into Praetorian's autonomous Dagger interceptor drones for Australia's sovereign defence capabilities. Aims to improve mission endurance, payload flexibility, and system weight. Praetorian plans to manufacture up to 10,000 Dagger drones per year — a major commercial opportunity for Li-S battery solutions.
• Leading Defence Technology Company (unnamed)coreStrategic or Co-development Partner · 1 July 2025Formal collaboration and cell supply agreement with a leading defence technology company specialising in development and integration of advanced military and defence systems for global clients. Enables the Partner to test Li-S battery cells under relevant performance and safety conditions for defence applications, with intent to integrate into the Partner's products for global defence customer procurement.
• Kea AerospacecoreStrategic or Co-development Partner · 1 May 2025Strategic collaboration with New Zealand-based aerospace company to provide lithium-sulfur battery technology for Kea's solar-powered ATMOS HAPS aircraft (55,000–65,000 feet). Focus on optimising battery performance for extended flight durations and extreme atmospheric conditions. Ground testing expected in 2025 followed by flight testing in ATMOS Mk1 and Mk2 (multi-month continuous flight). Announced at Avalon International Airshow.
• V-TOL AerospacecoreStrategic or Co-development Partner · 1 October 2023Three-way collaboration with V-TOL Aerospace (drone developer/operator) and Halocell (advanced solar panels) to develop HALE drones combining Li-S batteries with V-TOL's Pegasus aircraft designs and Halocell's perovskite solar cells. Partnership targeting stratospheric flight at up to 70,000 feet for weeks at a time. V-TOL CEO describes Li-S batteries as 'a game changer for the aviation and drone industry.' Also part of A$1.35M EATP government grant program.
• HalocellcoreStrategic or Co-development Partner · 1 October 2023Three-way collaboration with Li-S Energy and V-TOL Aerospace to integrate Halocell's bespoke perovskite solar cells into HALE drones. Halocell's custom-designed solar cells supplement Li-S batteries during day flight, significantly extending aircraft range. Based in Wagga Wagga, NSW, Halocell is commercialising next-generation perovskite solar cell technology.
• Bob Galyen and Isobel Sheldon OBE (Global Advisory Panel)coreOthers · 1 August 2023Appointment of Bob Galyen (former CTO of CATL, the world's largest lithium-ion battery manufacturer) and Isobel Sheldon OBE (20-year battery industry veteran with Jaguar Land Rover, Lotus, Nissan, Johnson Matthey, Cummings) to Li-S Energy's global advisory panel. Galyen chairs NAATBatt International; Sheldon serves on the Faraday Institution Board of Trustees. Provide guidance on international development, partnership acquisition, and gigafactory-scale production partnerships.
• SafeREnergy (ARC Research Hub for Safe and Reliable Energy)minorStrategic or Co-development Partner · 1 February 2023Partnership on a $1.23M solid-state lithium-sulfur battery cell development project. Li-S Energy invests $450,000; SafeREnergy and Deakin University contribute $360,000 and $417,617 respectively. Project aims to tackle solid-state technology obstacles and bring safer high-energy batteries closer to mass manufacturing. IP solely owned by Li-S Energy.
• magniX USA Inc.coreStrategic or Co-development Partner · 1 August 2022MOU signed with US-based electric aviation propulsion company to develop and evaluate Li-S Energy lithium-sulfur and lithium-metal cells for electric aviation propulsion. magniX is one of only two companies chosen by NASA for electric propulsion demonstration (US$74M NASA EAP project), offering 375HP and 750HP all-electric motors. Weight reduction from higher energy-density Li-S batteries seen as key advantage for electric aircraft.
• Fraunhofer Institute (IWS Dresden)minorStrategic or Co-development Partner · 1 January 2022Ongoing collaboration with Fraunhofer IWS in Dresden, Germany — one of Europe's leading industrial research institutions — on Green Energy Research and battery technology advancement.
• Deakin University — Trailblazer REACH HubcoreStrategic or Co-development Partner · 1 January 2022Cornerstone partner in the Recycling and Renewable Energy Commercialisation Hub (REACH) at Deakin University, part of the Federal Government's $380M Trailblazer University program. Receives up to $5M co-investment over four years to support scaling of Li-S battery technology and commissioning of 2MWh battery production facility in Geelong. 20 partners in total commercialising research across the clean energy and recycling supply chain.
• Future Battery Industries Cooperative Research Centre (FBICRC)minorStrategic or Co-development Partner · 1 January 2021Industry collaborator enabling Li-S Energy to leverage co-funded R&D on advanced electrolytes for Lithium Metal and Lithium-Sulfur batteries. FBICRC is the largest Australian partnership of industry, government and researchers focused on battery technologies, bringing together 70 participants across 15 research projects.
• BNNTTLcoreTechnology or IntegrationPartnership with Australian BNNT production company (commercialised Deakin University's patented BNNT manufacturing technology). Li-S Energy receives all BNNT supply needed for its battery commercialisation, plus exclusive distribution rights to sell BNNTs to other battery manufacturers globally.
• Deakin University — BatTRI-HubcoreStrategic or Co-development PartnerEngagement with Deakin University's BatTRI-Hub (led by Alfred Deakin Professor Maria Forsyth and Professor Patrick Howlett) for advanced electrolyte systems R&D. Focus on exploiting Li-nanomesh anode protection in lithium-metal batteries and developing augmented solid-state and polymer electrolytes. Adjacent to Li-S production and research labs at Deakin's ManuFutures 3 facility.
• University of QueenslandminorStrategic or Co-development PartnerEngaged alongside Fraunhofer Institute and other respected battery research leaders to support elements of Li-S Energy's commercialisation program.

Scale indicators15 records

Recent moves12 records

Expansion highlights6 records

Emerging players

• ESS Tech: US-listed iron-flow battery company pursuing long-duration stationary storage. Comparable as a publicly listed next-generation battery developer commercialising beyond-lithium chemistries for energy storage applications.
• Conamix: US-based emerging Li-S battery developer focused on high-energy-density cells for mobility and grid storage. Comparable as a fellow early-stage Li-S chemistry challenger targeting commercialisation.
• Altris: Sweden-based sodium-ion battery developer commercialising a Prussian-blue cathode technology. Comparable as a European next-generation battery peer pursuing scale and OEM partnerships for mobility applications.

Direct peers

• Lyten: US-based lithium-sulfur battery developer that acquired Sion Power's Li-S assets. Directly comparable as a Li-S chemistry peer pursuing defence, aerospace, and EV applications with proprietary sulfur battery IP.
• Sion Power: Pioneer in lithium-sulfur battery technology with a long history of defence and aerospace partnerships. Comparable as a direct Li-S chemistry peer, now operating within the Lyten ecosystem.
• Amprius Technologies: US-listed silicon-anode lithium-ion battery maker delivering high energy density cells to aerospace and defence customers. Comparable as a high-energy-density battery peer targeting aviation and defence niches with premium pricing.

Broad incumbents

• SES AI: Public US-listed lithium-metal battery developer with Honda, GM, and Hyundai partnerships. Comparable as a lithium-metal battery peer targeting automotive and aviation customers through OEM JVs.
• Solid Power: Public US-listed solid-state battery developer with BMW and Ford partnerships. Comparable as a next-generation battery company pursuing automotive and defence OEM licensing pathways at scale.
• QuantumScape: Public US-listed solid-state lithium-metal battery developer partnering with Volkswagen for automotive applications. Comparable as a next-generation lithium-metal cell company pursuing scale via strategic OEM partnerships.

Regional players

• Gelion Technologies: ASX-listed next-generation battery developer based in Australia, focused on zinc-bromide and lithium-sulfur technologies. Comparable as a fellow Australian-listed next-gen battery peer pursuing commercialisation from a similar footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds1 record

Investors1 record

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Li-S Energy