Ilika Plc (LON:IKA) is focused on the commercialisation of solid state battery technology through two core product lines, Stereax and Goliath. The company is progressing from development towards manufacturing and licensing, supported by a combination of equity funding and grant income.
During the period, Ilika raised approximately £4.2 million through share placings and a retail offer, alongside securing government grants amounting to several million pounds. This funding has been directed towards advancing both product platforms and supporting the transition from research to commercial execution.
The Stereax programme, which targets miniature batteries for medical implants and industrial applications, has moved into manufacturing in the United States via a partnership with Cirtec Medical. Initial prototype shipments have already begun. In parallel, the larger format Goliath programme achieved a key technical milestone with the delivery of 10Ah batteries to automotive partners, demonstrating the performance and scalability of Ilika’s automated pilot production line.
These activities align with the company’s longer term strategy to validate its technology at scale and progress towards commercial licensing opportunities in electric vehicles and consumer electronics.
Ilika plc experienced a transformational period in 2025 as the company moved from laboratory based validation to commercial scale manufacturing and prototype delivery across its two primary product lines, Stereax and Goliath. Stereax is focused on miniature batteries for medical devices, while Goliath targets large format batteries for electric vehicles.
Stereax: From Commissioning to Commercial Shipping
The year began with a significant milestone in January, when Ilika confirmed that its Stereax manufacturing equipment had been successfully commissioned at Cirtec Medical’s facility in Lowell, Massachusetts. This marked the transition of the partnership into the process qualification phase, during which trial batches were produced to refine the equipment and ensure compliance with medical grade specifications.
By August 2025, Ilika reached a key milestone with the completion of the manufacturing process qualification for the Stereax M300 micro battery. This validated the complex layer deposition and patterning systems required for active implantable medical devices. The year concluded in December, when Ilika began shipping prototype Stereax M300 units to its existing order book of 21 customers. These prototypes are intended for applications including neurostimulators, orthodontic wearables, and implanted sensors.
Goliath: Technical Breakthroughs and Scale-Up
The Goliath programme recorded rapid technical progress throughout 2025. In February and April, work carried out with the UK Battery Industrialisation Centre demonstrated that Goliath technology could be manufactured using industry standard, giga scale equipment. Cells produced at this larger scale delivered higher manufacturing yields and stronger performance, including higher capacity under rapid charging, compared with those produced on Ilika’s smaller pilot line.
Other key Goliath achievements included:
• 50Ah Prototype Success: In March, Ilika successfully produced a 50Ah Goliath prototype, reaching a critical capacity milestone for electric vehicle applications.
• OEM Validation: In May, OEM and Tier 1 testing partners confirmed that Ilika’s P1 2Ah prototypes performed in line with specification, placing them among the strongest solid state batteries tested by those partners.
• Operational Pilot Line: By October, Ilika’s automated assembly line reached full operational status. This enabled a manufacturing yield of 93 percent and supported the level of product consistency required by automotive customers.
• 10Ah Shipments: In December, Ilika began delivering 10Ah Goliath prototypes to customers, offering five times the capacity of earlier versions.
Strategic Funding and Partnerships
To support this progress, Ilika completed a capital raise in May 2025, securing approximately £4.2 million in gross proceeds through an institutional placing and a significantly oversubscribed retail offer.
In addition, the company secured a £1.25 million grant from the UK Government’s DRIVE35 programme in July. This funding supported the launch of the PRIMED programme in August, a collaboration with Jaguar Land Rover and Oxford University focused on industrialising Goliath A-samples for the global electric vehicle market.
Summary of 2025 Achievements
• January: Stereax equipment commissioned at Cirtec in the United States.
• March: Successful 50Ah Goliath prototype produced.
• May: £4.2 million capital raise completed, Goliath P1 prototypes validated by OEMs.
• August: Stereax M300 manufacturing process fully qualified.
• September: Jaguar Land Rover and Oxford University joined the PRIMED steering committee.
• October: Goliath automated pilot line reached full operational status.
• December: First shipments of both Stereax M300 and 10Ah Goliath prototypes delivered to customers.
