# Ilika reports progress in solid-state battery development and commercialisation

- Link: https://www.directorstalkinterviews.com/ilika-reports-progress-in-solid-state-battery-development-and-commercialisation/4121164461
- Published: 2024-07-11T07:16:15+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)), an 
independent global expert solid-state battery technology, has announced its results
for the year ended 30 April 2024.

During the Period, Ilika continued to develop and commercialise its thin-film Stereax
® miniature solid state batteries for powering implantable medical devices and industrial
wireless sensors in specialist environments, and significantly progressed the transfer
of manufacturing to US-headquartered Cirtec Medical LLC. During the financial year,
Ilika also achieved significant milestones in the development roadmap of its large-
format Goliath cells for electric vehicles and cordless appliances.

**Operational highlights:**

_Stereax_

·    First customer shipments of M300 batteries from UK pilot manufacturing facility.

·    Entered ten-year licensing agreement and technology transfer with Cirtec.

·    Despatched key equipment and substantially completed installation in the Cirtec
facility to enable manufacture of the Stereax cells.

·    Continued collaboration with Cirtec to support the development plans and launch
schedules of 21 Stereax customers.

_Goliath_

·    Reached significant development milestones

o  Achieved D4 design freeze and Li-ion energy density parity, making strong progress
on the technology roadmap and meeting development milestones on time.

·    Strong scale-up progress

o  Faraday Battery Challenge: 24-month, £8.2m grant-funded HISTORY project, with
input from BMW and Fortescue WAE.

o  Automotive Transformation Fund 16-month, £2.7m grant-supported SiSTEM project,
collaborating with Mpac plc and UK Battery Industrialisation Centre (“UKBIC”).

o  Welcomed Agratas (Tata Group’s global battery business) as a full partner to 
the SiSTEM project.

·    Production-intent equipment trialled at vendor sites and installed at pilot
facility to provide larger volumes of evaluation cells to customers.

·    Bi-lateral 12-month technology collaboration agreement with Agratas, and agreement
outlining potential longer-term collaboration through to gigafactory implementation.

·    Continued interaction with automotive and consumer OEMs globally – pipeline
of evaluation agreements with 17 companies

·    Portfolio of 62 granted patents, with 10 new grants in the reporting period;
four additional international filings submitted.

**Financial highlights:**

·    Turnover £2.1m (2023: £0.7m) with other income of £0.5m (2023: £0.1m) giving
a Total Income of £2.6m (2023: £0.8m)

·    EBITDA Loss adjusted for share-based payments for the year £4.1m (2023: £7m)

·    Loss per share 3.03p (2023: 4.61p)

·    Cash, cash equivalents and longer term bank deposits of £11.9m (2023: £15.9m)

**Post-period end highlights:**

·    Commenced testing of initial batch of P1 Goliath prototype batteries in a customer-
sponsored programme following the successful completion of production and in-house
testing.

·    Successful £2.3 million (gross) fundraising to support the Goliath roadmap 
and Stereax commercialisation.

·    Completed the delivery of its first batch of P1 Goliath batteries for customer
testing by a tier 1 automotive company.

**Outlook:**

·    Cirtec contract represents most immediate commercialisation opportunity, allowing
fulfilment of order book and creation of further commercial opportunities.

·    Stereax to focus, post US installation, on commissioning activities and engineering
lots to fully qualify the process in readiness for production of commercial samples,
expected in late CY2024.

·    Plans to increase commercial collaboration alongside Cirtec in the year ahead.

·    Clear Goliath roadmap: aim to reach the D8 development milestone by the end
of the HISTORY programme grant in Q1 2025, underpinning licencing opportunities.

·    Pre-pilot production facility targets capacity increase to 1.5 MWh/a.

·    Commercial interest and government grant support expected to intensify as the
Goliath product continues to mature.

**Commenting on the results Ilika’s Chief Executive Officer, Graeme Purdy, said,**_“
We are proud of the further success we have made whilst developing our solid state
battery technology. Both of our product lines, Stereax and Goliath, have seen significant
operational progress as we continue to work towards commercialisation._

_“Our contract with Cirtec is an enormous achievement and represents a significant
opportunity to scale Stereax at pace through a partner that boasts a strong track
record in the commercialisation of miniature medical devices. We are confident that
the partnership positions Ilika well to deliver high quality, reliable and scalable
supplies of Stereax batteries to our customers._

_“Meanwhile, the global prospects for EVs, and Goliath, remain promising. Following
the team’s achievements we expect to be in the position to_ _manufacture and deliver
fully characterised P1 test pouch cells to customers in H2 2024. Based on our D4
design freeze, these cells have the potential to offer significant benefits not 
attainable with current EV battery technology._ _The Board expects both commercial
interest and government grant support to intensify as the Goliath product continues
to mature. Discussions with commercial and grant partners are in progress and the
development programmes are being aligned to the timelines planned for market roll-
out by the OEMs involved. Current estimates are that the UK EV battery market will
be worth ca. £9bn by 2030 and Ilika is positioning its technology to be ready for
that opportunity.”_

**Analyst Briefing**

The management team will be hosting a hybrid analyst briefing today at 9.30am. Analysts
who wish to attend should contact Nick Rome at Walbrook PR on +44(0)20 7933 8780
or email [ilika@walbrookpr.com](https://www.directorstalkinterviews.com/ilika-reports-progress-in-solid-state-battery-development-and-commercialisation/ilika@walbrookpr.com)
to register.

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