Ilika plc (LON:IKA), the advanced solid-state battery technology and materials innovation company, will hold its Annual General Meeting at 2pm today at the offices of Eversheds LLP, One Wood Street, London, EC2V 7WS. Ahead of the formal proceedings, Graeme Purdy, Chief Executive of Ilika, will provide the following update to shareholders:
“Ilika’s thin-film Stereax® development roadmap has continued in-line with expectations, with shipments of evaluation samples of miniature mm-scale cells (codenamed ‘Project Golden Hind’) made to customers in the USA and Asia. These cells are destined for integration into prototype implantable medical devices, which are going through product development approval programmes. The cells have been produced on Ilika’s pilot line in Southampton, UK, which recently delivered its highest monthly cathode-production productivity to date.
“The mm-scale Stereax® cells have now been released to customers under commercial arrangements covering partner agreements for cell evaluation in advance of Ilika’s next planned product launch in early 2019.
“Further to our announcement on 13 June 2018, confirming Ilika has received offers of grant funding from the Faraday Battery Challenge amounting to £4.1m in aggregate, Ilika has been working with its project partners to finalise the collaboration agreements. The PowerDrive Line project agreement has been signed by all parties and the project is expected to commence in October, pending final approval by Innovate UK. This is a 30-month collaborative project that will develop a lithium based solid-state Stereax® battery (codenamed ‘Project Goliath’) for plug in hybrid and electric vehicles, establish a pre-pilot line for solid-state battery cell technology and develop processes for a solid-state materials supply chain. The innovative solid-state technology will enable safer, more energy and power dense cells that will facilitate ultra-fast charging (enabling PHEV or BEV drivers to charge their cars in under 25 minutes).
“In order to house the pre-pilot line for Goliath, Ilika is expanding its facilities in Southampton, UK by a further 900 m2. Outfitting plans are currently being finalised, with construction work expected to commence later this calendar year.”
After the formal business of the AGM has come to an end, Graeme Purdy will provide a short presentation to investors with an overview of progress and strategy. No new material will be disclosed in the presentation and it will be made available on the website shortly after.