# Ilika CEO highlights Stereax revenue growth and Goliath defence interest

- Link: https://www.directorstalkinterviews.com/ilika-ceo-highlights-stereax-revenue-growth-and-goliath-defence-interest/4121259082
- Published: 2026-08-04T08:22:00+01:00
- Author: Amilia Stone

**[Ilika plc](https://www.directorstalkinterviews.com/company/ilika-plc/ika.l)**(
[LON:IKA](https://www.directorstalkinterviews.com/company/ilika-plc/ika.l)) Chief
Executive Officer Grame Purdy caught up with DirectorsTalk to discuss the company’s
progress with its Stereax and Goliath solid-state battery businesses, including 
product-related revenue, M300 deliveries, the electric vehicle market and growing
defence-sector interest.

**Q1: Now, Ilika has made great progress over the last 12 months, both with its 
Stereax and Goliath businesses. If you had to choose one highlight from each business,
what would it be?**

**A1:** Well, so many to choose from but first of all, on Stereax, let’s say that
the commencement of recognition of product-related revenue through the sales of 
our Stereax electrodes to Cirtec is a really important milestone. On the Goliath
side, probably the release and reception of our Goliath 10Ah prototype cells was
a really important milestone.

**Q2: Stereax has become revenue-generating. How is that possible, given that Stereax
is still being integrated into approved devices?**

**A2:** Well, our customer is actually Cirtec rather than the end users of the batteries.
So we are selling electrode materials, actually specifically our cathode, which 
is the positive electrode for making the batteries.

In addition, when we get to the point of releasing batteries to customers later 
this financial year, we will be recognising revenue from the sale of those prototype
batteries as they go through the approval process.

**Q3: Are you still expecting to have M300 batteries to customers this financial
year?**

**A3:** Yes, that’s right. So, we actually have a series of batches of Stereax batteries
in flight at the moment, they are being processed. Actually, the electrodes that
we sold to Cirtec at the end of the last financial year are being microfabricated
into M300 batteries at the moment. They’ll be released once we’ve validated them
and quality-checked them.

**Q4: Just going back to Goliath, we’re hearing a lot of opposing views on how the
EV market is developing. What do we know for sure? What are the facts?**

**A4:** Sometimes, EVs, the whole subject becomes quite politicised, doesn’t it?
The reality is that there are different incentives around the world, depending on
the jurisdiction.

I’d say in the US, there have been particular headwinds for EVs because of the removal
of incentives for buying EVs and that was a political decision that was made there.

Here in Europe, and also in many parts of Asia, including China, we saw very strong,
sustained growth of demand for EVs. Last year, Europe, for instance, saw a 27% increase
in new EV sales and here in the UK, it’s a similar number. Also here in the UK, 
the Office for Budget Responsibility is still expecting that the majority of vehicles
on the road, so not just new car registrations, but the majority of new vehicles
and older vehicles on the road, will be EVs by 2035.

**Q5: So, is the 10Ah Goliath product likely to be licensed or manufactured by Ilika?**

**A5:** Well, the 10Ah product is actually really a milestone, a prototype at the
moment. In our recent placing, we raised some funds to allow the productisation,
if you like, of that prototype. We did that because we’re seeing quite a lot of 
non-EV interest, in particular from the defence sector and other commercial sectors,
for that 10Ah cell as a sovereign-manufactured product.

So, we’re pursuing that at the moment and that’ll be part of our news flow going
forward.

**Q6: Theres’s a lot of commercial interest. Which prospects are you most excited
about?**

**A6:** I would say probably within the defence sector, there is a lot of spending
that’s been earmarked by various European governments, not just here in the UK. 
People are interested in the sovereign supply chain because they don’t want to become
dependent on the supply of a component that might end up being from a jurisdiction
that’s not necessarily always politically aligned with how we are in Europe.

Therefore, there’s a lot of interest in applications and they are quite broad across
uncrewed vessels, actually drones for airborne on land and sea, and also for man-
portable and vehicle-portable battery packs. A lot of modern defence equipment is
electric, and it needs to be powered somehow.

So, there’s a lot of focus on the battery supply chain right now.

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