Ilika, a specialist in the development and manufacturing of solid-state batteries, has reported significant operational progress over the past year. The company, known for its Stereax micro batteries and Goliath large format batteries, saw its turnover rise from £700,000 to £2.1m in the year ending 30 April 2024. The EBITDA loss adjusted for share-based payments decreased to £4.1m, down from £7m in 2023.
During this financial year, Ilika achieved crucial milestones in the development of its Goliath cells, which are designed for electric vehicles and cordless appliances. The company entered a ten-year licensing agreement and technology transfer with Cirtec for its Stereax batteries. The Goliath project made substantial progress in scaling up and received an £8.2m grant as part of the Faraday Battery Challenge.
Graeme Purdy, chief executive of Ilika, expressed pride in the company’s success in advancing solid-state battery technology. He noted significant operational progress in both product lines, Stereax and Goliath, as the company moves towards commercialisation. Purdy highlighted the importance of the contract with Cirtec, describing it as a significant opportunity to rapidly scale Stereax through a partner with a strong track record in miniature medical devices.
Purdy also spoke about the promising global prospects for electric vehicles (EVs) and the Goliath project. He mentioned that Ilika expects to be able to manufacture and deliver fully characterised P1 test pouch cells to customers by the second half of 2024. The company anticipates increased commercial interest and government grant support as the Goliath product continues to develop. Current estimates suggest that the UK EV battery market could be worth around £9bn by 2030, and Ilika is positioning its technology to capitalise on this opportunity.
Ilika has made substantial progress in the past year, with increased turnover, reduced losses, and significant advancements in its product development and commercial partnerships. The future looks promising for the company as it continues to innovate and expand its presence in the solid-state battery market.
Ilika plc (LON:IKA) is a pioneer in solid state battery technology enabling solutions for applications in Industrial IoT, MedTech, Electric Vehicles and Consumer Electronics.
