Ilika Plc (LON:IKA) is turning heads in the battery tech world with its continued progress in solid-state battery (SSB) innovation, as highlighted in a recent update from Cavendish. With a new £3.5 million fund-raise and encouraging test results, Ilika is well-positioned to enter commercial negotiations with confidence, particularly for its Goliath SSB technology.
One of the standout aspects of Ilika’s recent activity is the traction its Goliath prototype has gained in the automotive sector. According to John-Marc Bunce, Director of Research at Cavendish, “Ilika now has evaluation agreements with 21 OEMs or Tier 1 suppliers, an increase from 17 in July 2024.” This growing interest is fuelled by the P1 prototype consistently meeting specifications across a range of real-world duty cycles – a rare feat in the SSB space.
Unlike many competitors, Ilika’s SSB is a true oxide-based solid-state battery that can be manufactured using existing gigafactory equipment. This compatibility significantly reduces scale-up risks and capital costs. Bunce noted that Ilika’s closest peers, such as ProLogium and QuantumScape, are “marketing semi-SSBs which still contain liquid electrolyte,” suggesting that Ilika’s offering stands apart as a true technological advancement.
Anticipation is also building around Ilika’s upcoming P1.5 prototype, expected in the second half of 2025. Bunce explained, “We believe the P1.5 10Ah prototype will prove not only the core SSB technology but also the ability for industrial reproduction on traditional gigafactory equipment.” This milestone could prompt significant commercial commitments from key industry players.
Cavendish has responded positively to these developments by raising Ilika’s target price from 83p to 133p, representing a 303% potential upside from its current share price. “The £3.5m fund-raise puts Ilika in a strong position for negotiations, removing any going-concern uncertainty in its results and showing a supportive shareholder base,” Bunce stated. The financial boost allows Ilika to focus on long-term value creation rather than short-term funding needs.
Ilika plc is strategically navigating the complex landscape of battery innovation with promising technology, growing industry validation, and robust financial backing. As licensing discussions draw nearer, the company could soon transition from developer to key commercial player in the global SSB market.
