Ilika
Ilika

Ilika share price, company news, analysis and interviews

Ilika plc (LON: IKA) is a pioneer in a ground-breaking solid state battery technology able to meet the specific demands of a wide range of applications in MedTech, Industrial IoT, Electric Vehicles and Consumer Electronics. 

Ilika understands that different applications within different markets have specific power requirements, which is why our solid-state batteries are customisable in shape, dimensions, cycle life, capacity and operating temperature. We’re designing our batteries to address the power the needs and challenges in powering tomorrow’s next-generation IoT devices.

What could your innovative application achieve with the right battery power?

Medical

The medical sector is changing to embrace the inter-connectivity of the Internet of Things for more proactive patient health management. The rapid development of sensing devices for Wireless Body Area Networks is opening opportunities for continuous health monitoring in the patient’s home or place of care provision.

Ilika medtech
Ilika plc

Industrial IoT

Industrial IoT, or Industry 4.0, is the interconnection of machines, services and people with sensor end nodes monitoring the condition of assets. The real-time data enables remote engineers to manage critical processes and condition monitoring programs preventing costly downtime or equipment failure.

Automotive

The automotive industry is rapidly changing with vehicles becoming smarter and pressure on manufacturers to produce better electric vehicles with greater range and quicker charging time. Ilika are manufacturing small Stereax solid state batteries for the sensors in smart vehicles and also developing our large format Goliath solid state batteries which will answer the challenges of the electric vehicle market.

Ilika plc - Automotive
Ilika Smart cities

Smart Cities

Sensors are increasingly being used in smart cities, smart buildings and the military and the aerospace industry as they become more connected in the digital age. These smart sensors allow the individual elements of a smart city connect and create intelligent infrastructure, providing real-time data to ensure everything runs smoothly and efficiently.

Don’t miss our latest interview for Ilika plc

Ilika Plc Pioneering Solid-State Battery Solutions for a Greener Future with Dr Tom McColm (VIDEO)

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Ilika

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Ilika plc

Ilika plc Achieves Major Goliath Milestone

Significant gauge for the maturity of the technology as Ilika moves along its development roadmap

Ilika Plc (LON:IKA), a pioneer in solid state battery technology, has announced it has reached its 2023 stated intermediate technology development target of lithium-ion energy density parity in its Goliath large format EV battery programme. This achievement validates the technical approach taken by the Company and supports the justification for investment in a full-pilot facility configured to demonstrate that the technology can be licensed for third-party giga-scale implementation.

This is a significant milestone as it means that the Goliath solid state pouch cell is now able to match the representative energy density of incumbent lithium-ion pouch cells, achieving an effective energy density of 250 Wh/kg and a capacity of 0.715 Ah.

Commercialisation of Goliath cells has the potential to offer EV producers the benefits of solid-state batteries’ improved safety, faster charging, longer lifespan, and greater temperature resilience, without the need to sacrifice size, space, or effective range. Watch an overview here:

https://www.youtube.com/watch?v=-QxZUX3Q0YQ

This latest development follows November 2023’s announcement of the D4 milestone, a design-freeze in the Goliath roadmap upon which Ilika’s first prototype for customer release, P1, is based. The P1 prototype is currently undergoing verification and validation and remains on track to ship to partners including automotive suppliers and consumer appliance companies for evaluation in H1 2024. Today’s milestone is an intermediate point on the journey to Ilika’s P2 prototype product, which will be licensable to partners in H1 2025.

Ilika’s development efforts continue to be supported by its funding partners the Faraday Battery Challenge, and the Advanced Propulsion Centre as it works alongside a range of industry leaders.

Graeme Purdy, Ilika Plc CEO, stated: “We have reached yet another major milestone on Ilika’s roadmap, validating the effectiveness of the Company’s technology development programme. This key achievement in our cutting-edge Goliath battery re-emphasizes the strength of our solution and further demonstrates Ilika’s differentiation as we strive for a more sustainable future.

“This is a very exciting time for the Company. We are on target with our roadmap as we move forward. Ilika would like to thank its numerous stakeholders for their ongoing support in achieving this milestone and looks forward to their sustained backing throughout our commercialisation journey.

“Solid-state technology stands to transform the EV market in terms of performance, safety and accessibility. Indeed, as the technology continues to develop there is the potential for further energy density improvements that will allow additional size and weight reduction.”

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Ilika plc

Ilika plc Trading Update & Notice of Half-Year Results

Ilika Plc (LON:IKA), a pioneer in solid-state battery technology, has provided an update on trading and notice of results for the six months ended 31 October 2023.

Operating Highlights:

Stereax

In the first half of the current financial year Ilika continued to develop the scale and potential reach of its Stereax business. The Period started with shipments of stacked M300 batteries from its UK manufacturing facility – being the first of a series of planned deliveries to customers.

The licencing and royalty agreement with US-headquartered Cirtec Medical (“Cirtec”), which was signed in August 2023, was a key milestone for the Group, enabling the transfer of Stereax production to Cirtec’s manufacturing facility in Lowell, MA.

Ilika has now completed the despatch of the key equipment required to manufacture Stereax batteries to Cirtec, with the exception of the cathode manufacturing process which will initially remain with Ilika in the UK. Cirtec is currently expanding its cleanroom capacity in Lowell to accommodate growth in its business, including Stereax manufacturing. Ilika and Cirtec continue to work closely with a portfolio of 20 customers to support their development plans and launch schedules.

Goliath Programme

Ilika’s Goliath programme also progressed strongly during the Period – especially from the perspective of improving technical parameters and implementing its production scale-up plans. Based on the performance of recent prototypes, the Company confirmed the achievement of its D4 technical milestone and remains firmly on track to achieve lithium-ion energy density parity by the end of 2023, in-line with guidance set out in November 2022.

The development efforts are supported by the Faraday Battery Challenge 24-month, £8.2m grant-funded HISTORY project, steered with input from BMW and WAE (Williams Advanced Engineering), to integrate high silicon content electrodes into Goliath. In parallel, Ilika has been trialling production-intent equipment at vendor sites and its pilot facility in the UK. Since October 2023, this scale-up work has been supported by the Automotive Transformation Fund 16-month, £2.7m grant-supported SiSTEM project, in which Ilika is collaborating with Mpac plc and UK Battery Industrialisation Centre (UKBIC). Ilika continues to interact closely with many of the global automotive OEMs, with a view to sharing Goliath P1 prototypes for their evaluation in H1 CY 2024, as a precursor to large-scale manufacturing through licensing.

Financial Highlights:

The Company expects to announce revenue of £1.3m (H1 2023: £0.2m) as a result of increased grant funding received during the Period through the HISTORY programme and the newly announced SiSTEM grant. This positive income position is not expected to be mirrored in the second half of the financial year due to phasing of the grant activity. EBITDA loss, excluding share-based payments, of £1.9m (H1 2023: loss of £4.1m) for the six months ended 31 October 2023, reflects the higher income and cost reduction resulting from the technology transfer of Stereax production to Cirtec. Cash and cash equivalents at the period end were £13.2m (H1 2023: £18.6m). 

Notice of Results:

Ilika Plc expects to announce half-year results for the six months ended 31 October 2023 on Tuesday 23 January 2024.

Analyst Briefing

The management team will be hosting a hybrid analyst briefing on the day, 23 January 2024, 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 to register. 

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Ilika - Solid State Batteries

Ilika Plc Development Team Reaches Design-freeze Milestone for First Customer Prototype Release of Goliath Battery

Ilika Plc (LON:IKA), a pioneer in solid state battery technology, announces it has achieved its D4 development point, which is a design-freeze milestone in the Goliath roadmap upon which Ilika’s first prototype for customer release, P1, is based. The P1 prototype is an intermediate milestone on Ilika’s roadmap to its minimum viable product (MVP) in 2025. The P1 Goliath prototype is a solid-state pouch cell with an NMC cathode and a silicon anode.

The D4 development point is an important milestone for the Company, effectively marking the start of Goliath’s productization journey, being the essential marker for the P1 prototype. The D4 development point means that a number of key data sets – including energy density and power density have been met while showing that the Company is firmly on track to achieve lithium-ion energy parity by the end of the current calendar. Given the data sets that are now achievable the Company will be able to create P1 samples, which comprise four layer stacks, for sale to OEMs for testing.

Over the next six months, Ilika will manufacture and test batches of pouch cells based on the D4 development point prior to delivering fully characterized P1 cells to up to 15 customers in 2024. Ilika is currently in discussions with its customer base for Goliath batteries, which is primarily automotive OEMs, but also includes Tier 1 automotive suppliers and consumer appliance companies.

Work is continuing on Ilika’s roadmap through to MVP, for which the corresponding D8 development point will be achieved at the end of 2024. The MVP, or P2 prototypes will be stackable to 30 layers, underpinning licensing opportunities. Further detail re the product curve and development points can be found on page 11 of the Company’s 2023 Annual Report, which is available below:

Graeme Purdy, Ilika CEO, stated: “Achieving our D4 development point is an important milestone on our technology roadmap, as it forms the basis of our first prototype product pilot run, with the objective of sharing prototypes with our customer base in 2024. This achievement is a clear demonstration that the Ilika team is working very efficiently with the available resources to achieve credible outcomes for our customers within the ambitious timeframes that we have set.”

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Ilika plc

Ilika plc Scale-up Grant Funding Awarded for Goliath

Further funding secured from Automotive Transformation Fund, partnered with Mpac Group plc and The UK Battery Industrialisation Centre

Ilika Plc (LON:IKA), a pioneer in solid state battery technology, has announced it is receiving further grant support to scale-up its Goliath pilot production capability. The support is being provided from the Automotive Transformation Fund in a 16-month, £2.7 million collaboration programme, of which Ilika will receive £400,000. In the programme, which commenced on 01 October 2023, Ilika is partnering with Mpac Group plc (LON:MPAC) and the UK Battery Industrialisation Centre (‘UKBIC’).

Mpac is a global engineering and service provider of automation and packaging solutions. They design, precision engineer and manufacture high-speed automation solutions within key sectors including Clean Energy. Ilika and Mpac will work closely to design, build and commission a 1.5MWh solid state battery (‘SSB’) assembly line capable of delivering Ilika’s Goliath SSB prototype large-format pouch cells to automotive OEMs and Tier 1 suppliers. The SSB assembly line is expected to be fully operational at Ilika’s facility by the end of H1 2025.

The UKBIC facility, based in Coventry, UK, provides the missing link between battery technology which has proved promising at laboratory or prototype scale and successful mass production. The UKBIC will build on the work carried out in the completed BUS100 programme by undertaking physical trials to produce Ilika’s SSB electrodes at GWh scale.

The ATF is a funding programme created to support large-scale industrialisation. Up to £850 million of funding will be invested in developing a high-value end-to-end electrified automotive supply chain in the UK. The fund is highlighted as an important mechanism to reach targets in UK Government’s 10-Point Plan for a green industrial revolution and its Transport Decarbonisation Plan.

This collaboration, codenamed Project SiSTEM, will run in parallel with Project HISTORY, announced on 26 January 2023, which will develop prototype automotive A-sample SSBs that will be produced on the scaled Ilika pilot facility.

Graeme Purdy, Ilika CEO, stated: “Project SiSTEM builds upon previous ATF support in Project BUS100 which found that with minor adaptations, Ilika’s electrodes could in principle be produced in volume on the UKBIC lines. Project SiSTEM will undertake those physical trials, proving Ilika’s technology can be successfully scaled. Our collaboration with Mpac will see the development of a scaled SSB assembly line which will be capable of delivering A-sample automotive pouch cells for testing in 2025. This is an important step in Ilika’s roadmap, enabling us to engage closer with OEMs as we start to deliver SSB cells into their test programmes.”

Julian Hetherington, Director of the Automotive Transformation Fund, said: “We are delighted to be able to support Ilika’s project seeking to validate higher-scale SSB manufacturing processes and which utilises the world-class facilities at UKBIC to demonstrate roll-to-roll coating of solid state materials. SSB technologies have the potential to be transformational in vehicle battery pack design due to their stable nature and open up applications possibilities at higher safe operating temperatures.”

Adam Holland, Chief Executive Officer at Mpac Group plc, expressed his enthusiasm: “We are thrilled to announce our new partnership with Ilika and UKBIC after the successful award of the prestigious ATF grant for Project SiSTEM. Mpac is a market leader in complex automation, and we are eager to leverage our expertise in developing a cutting-edge innovative solution that will enable the reliable assembly of solid state batteries. This project not only demonstrates our commitment to technological advancement but also aligns with the UK government’s vision for a cleaner and more sustainable world.”

Sean Gilgunn, Managing Director of UKBIC, said: “We’re delighted to be working with Ilika on trials to support the development of the Company’s solid state battery technology. Being able to scale up and demonstrate manufacturing innovation for battery technologies at UKBIC is a valuable resource for the UK’s growing battery sector.

Ilika plc specialises in the developing and commercialisation of solid state batteries. The Company’s mission is to rapidly develop leading-edge IP, manufacture and license solid state batteries for markets that cannot be addressed with conventional batteries due to their safety, charge rates, energy density and life limits. The Company achieves this by using ceramic-based lithium-ion technology that is inherently safe in manufacture and usage, higher thermal tolerance and easier to recycle which differentiates our products from existing batteries.

The Company has two product lines. Its Stereax batteries which are designed for powering miniature medical implants, industrial wireless sensors and specialist internet of Things (IoT) applications and the Goliath large format batteries designed for EV cars and cordless appliances.

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Ilika plc - Automotive

Ilika plc Annual Report and AGM

Ilika plc (LON:IKA), a pioneer in solid state battery technology, has confirmed that the Annual Report and Accounts for the year ended 30 April 2023 and the Notice of the 2023 Annual General Meeting will be made available shortly to view or download by clicking the links below, following the registration to receive shareholder communications from Ilika electronically.

–  Ilika plc Annual Report and Accounts www.ilika.com/investors/financial-reports

–  Ilika plc Notice of Annual General Meeting https://www.ilika.com/investors/aim-rule-26

Notice of AGM

The AGM is to be held on Wednesday 20 September 2023 at 2:00pm (BST) at the offices of Eversheds Sutherlands LLP, One Wood Street, London EC2V 7WS.

If you wish to attend the AGM in your capacity as a shareholder, please bring proof of shareholding or if shares are held through a nominee account, a letter of representation, to facilitate your entry to the Meeting. If you are not planning to attend the meeting and would like someone else to vote for you at the meeting (or any adjournment of the meeting), please complete the form of proxy which can be accessed using the following link www.investorcentre.co.uk/eproxy

 
Shareholders are encouraged to appoint the Chairman of the Meeting as their proxy with their voting instructions. Please vote online at www.investorcentre.co.uk/eproxy and enter the Control Number, your Shareholder Reference Number (SRN) and PIN shown below.

To be valid, proxy appointments for the Annual General Meeting must be received by Ilika plc’s Registrar, Computershare Investor Services PLC, no later than 2:00pm on 18 September 2023.

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Ilika Plc

Ilika plc signs ten-year manufacturing licence for Stereax with Cirtec Medical

Partnership to collaborate in the manufacturing and commercialisation of miniature Stereax solid-state batteries

Ilika Plc (LON:IKA), a pioneer in solid-state battery technology, has announced that, further to its announcement on 16 January 2023, it has concluded contractual negotiations with Cirtec Medical (‘Cirtec’), an industry-leading strategic outsourcing partner of complex medical devices including minimally invasive and active implantable devices, by signing a ten-year manufacturing licence for the production of the Stereax range of mm-scale batteries at Cirtec’s facility in Lowell, Massachusetts, U.S.

Headlines of the contractual relationship include:

·    A ten-year licence to manufacture the Stereax range of products

·    Exclusivity for Cirtec in the field of medical devices designed to drive full utilisation of Cirtec’s installed capacity

·    Profit sharing during the initial period followed by royalty-bearing manufacturing aligned with industry norms, calculated on individual battery volumes

·    Ilika to retain the cathode deposition process and back-end battery formation at their FAB facility in the UK as a sub-contract service to Cirtec

·    Ilika to transfer some machine sets to the U.S. for Cirtec to operate on loan, to enable a quicker technology transfer and qualification process

Ilika will now focus on advanced technology development and IP licensing in support of Cirtec’s manufacturing and commercialisation activities. This partnership will reinforce Cirtec’s ongoing activities in system level miniaturisation for the medical device industry.

Ilika and Cirtec will now commence the technology transfer and certification process which will continue throughout the second half of 2023. The Cirtec commercial team will engage further with the Stereax customer list developed by Ilika and within their own customer base to expand the commercial opportunities now that the contractual terms of the agreement have been agreed.

Ilika’s revenue guidance for the next few years remains unchanged for now and the Company will provide an update on commercial progress at its half year results in January 2024.

Graeme Purdy, Ilika Chief Executive Officer, said: “We are delighted to be working with Cirtec for the commercialisation of Stereax. Cirtec has a very strong track record in the commercialisation of miniature medical devices and we believe this partnership is well-positioned to ensure a high quality, reliable and scalable supply of Stereax batteries to our customers.”

Brian Highley, Cirtec Medical Chief Executive Officer, commented: “We are excited by the prospect of adding Stereax battery technology to our portfolio of medical device solutions. Our 20 years of experience in the design, development and manufacture of medical devices positions Cirtec strongly to work with Ilika to bring its Stereax battery technology to market. We believe this collaboration fits right into our strengths and expands upon our mission to vertically integrate our capabilities to support our offerings to the implantable and wearable device markets.”

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Interviews

Ilika Goliath Large Format EV Battery Programme Leap Forward (VIDEO)

Ilika plc (LON:IKA) CEO Graeme Purdy joins DirectorsTalk Interviews to discuss reaching a development target in its Goliath large format EV battery programme.

In this interview, Graeme Purdy, CEO of Ilika Plc, discusses the company’s significant achievement in reaching its 2023 technology development target for the Goliath large format EV battery program. Graeme explains the importance of this milestone in achieving lithium-ion energy density parity and outlines the next steps towards productisation and partnership engagements. The discussion also touches on the company’s role in the Faraday Battery Challenge and collaborations with leading experts and organisations. This is a key update for investors interested in Ilika’s progress and future prospects in solid-state battery technology.

https://vimeo.com/892238240

Ilika Plc (LON:IKA) is a pioneer in solid state battery technology, enabling solutions for applications such as Industrial IoT, MedTech, EV and Consumer Electronics.

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Ilika Reporting Significantly More Revenue than the Market was Expecting (VIDEO)

Ilika plc (LON:IKA) CEO Graeme Purdy joins DirectorsTalk Interviews to discuss an update on trading and notice of results for the six months ended 31 October 2023.

Graeme explains how the company achieved a key technology milestone, the principal interest for its P1 prototypes, with the P2 prototypes having higher capacity and include significantly more layers how realistic a target that is, progress with the tech transfer to Cirtec and year end cash position.

https://vimeo.com/888593328

Ilika is a pioneer in solid state battery technology, enabling solutions for applications such as Industrial IoT, MedTech, EV and Consumer Electronics.

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Ilika plc partnering with Mpac Group and UK Battery Industrialisation Centre in Scale-up (VIDEO)

In this interview with Ilika plc‘s (LON:IKA) CEO, Graham Purdy, the focus is on the company’s recent £2.7 million grant from the Automotive Transformation Fund to scale up Goliath solid-state battery production.

Ilika plc is known for pioneering solid-state battery technology across various sectors. The grant supports SiSTEM program with two primary objectives: establishing an assembly line capable of producing 1.5 megawatt hours of Goliath batteries annually and manufacturing Ilika electrodes at the UK Battery Industrialisation Centre. This marks a crucial step toward transitioning from lab-scale development to full-scale industrial production, aligning with Ilika’s asset-light model and its strategy of partnering with scale-up specialists for manufacturing.

https://vimeo.com/872864957

If you’re interested in cutting-edge battery innovations with applications spanning IoT, medtech, electric vehicles, and consumer electronics, this interview provides a window into the future of energy storage.

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Question & Answers

Analyst Notes & Comments

Growth Stocks

Equity analyst views on Challenger Energy, Ilika, Avation plc, Cerillion, Pennant International

In Analysts’ corner, DirectorsTalk brings you exclusive professional opinions from five of the leading equity research analysts on five growth companies listed on the AIM segment of the London Stock Exchange. 

https://www.directorstalkinterviews.com/challenger-energy-group-%e2%80%9curuguay-holds-significant-potential%e2%80%9d-daniel-slater-zeus-capital/4121113062

https://www.directorstalkinterviews.com/ilika-plc-commercialisation-is-in-the-ascendency/4121119329

https://www.directorstalkinterviews.com/pennant-international-wh-ireland-analyst-expects-significantly-increased-profitability/4121115907

https://www.directorstalkinterviews.com/cerillion-value-rises-as-sales-profits-and-pipeline-all-surge-higher-analyst-qa/4121119280

https://www.directorstalkinterviews.com/avation-plc-%e2%80%93-improving-market-dynamics-makes-58-discount-to-nav-%e2%80%98unjustified%e2%80%99-analyst-qa/4121119085

Challenger Energy Group PLC (Challenger Energy) is an Isle of Man-based oil and gas company engaged in the exploration, appraisal, development and production business. The Company’s assets and licenses are located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of Uruguay and The Bahamas. In Trinidad and Tobago, Challenger Energy has five producing fields, two appraisal / development projects and a prospective exploration portfolio in the Southwest Peninsula. In Suriname, Challenger Energy has on onshore appraisal / development project. Challenger Energy’s exploration licenses in Uruguay, the Southwest Peninsula of Trinidad, and The Bahamas offer exposure within the overall portfolio value.

Ilika plc is a United Kingdom-based company. The Company is engaged in developing and commercializing its cutting-edge solid-state batteries. The Company develops and commercializes its thin-film Stereax miniature solid-state batteries for powering implantable medical devices and industrial wireless sensors (IIoT) in specialist environments, as well as progressing the development of its large-format Goliath cells for electric vehicles (EV) and cordless appliances. It has a secured lease of approximately 1,600 square meters property for Stereax manufacturing scale-up and installed over 340 square meters clean room facility. The Company is enabling solutions for applications, such as industrial Internet of things (IoT), MedTech, electric vehicles (EV) and consumer electronics. The Company has its operations in the United States of America, China and Israel.

Pennant International Group plc is engaged in the provision of management services. The Company is a provider of training technology and integrated product support solutions. The Company operates through the Technical Training Division (TTD) and Integrated Product Support (IPS) Division. The Company’s Technical Training Division is a provider of technology-based training solutions to the defense, aerospace, rail, and safety-critical industries. It is also focused on building generic and platform-specific training solutions. The Company’s IPS division focused on the development of the OmegaPS LSAR, and R4i software products and the provision of consultancy, training, and support services in relation thereto. OmegaPS is a logistics data tool. R4i provides its users with an S1000D-compliant technical documentation solution. The Company’s subsidiary Track Access Productions Ltd (TAP) specializes in rail route video and mapping.

Cerillion plc is a United Kingdom-based billing, charging and customer relationship management (CRM) company. The principal activity of the Company is the supply and development of telecommunication software solutions and equipment. The Company operates through four segments: Services, Software, Software-as-a-Service and Third Party. The Services segment provides services to customers on new implementation projects and enhancements. The Software segment supports and provides maintenance of the software, as well as the licenses to use the software. The Software-as-a-Service segment offers monthly subscriptions for managed services or to use products on a right-to-use basis. The Third-Party segment provides third-party services or licenses, re-billable expenses, and pass through of selling hardware. The Company’s product categories include customer domain, product domain, sales domain, service domain, resource domain, and partner domain.

Avation PLC is a Singapore-based commercial passenger aircraft leasing company. The Company manages a fleet of aircraft, which it leases to airlines across the world. The Company’s serves a range of customers, which includes easyJet, Eva Air, Philippine Airlines, Air India, Vietjet Air, Fiji Airways, Mandarin Airlines, Cebu Pacific, airBaltic and Danish Air Transport. The Company owns through its subsidiaries a range of commercial passenger aircraft, which are leased to various airlines in Europe, Asia, and Australia. Its portfolio includes Boeing 777-300ER, Airbus A330-300, Airbus A320-200, and ATR 72-500. The Company’s fleet comprises approximately 38 aircraft. Its subsidiaries include Avation Capital S.A., Capital Lease Aviation Limited, Avation Group (S) Pte. Ltd., AVAP Leasing (Asia) Limited, AVAP Leasing (Asia) II Limited, AVAP Leasing (Asia) III Limited, and AVAP Leasing (Asia) IV Limited.

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Ilika Plc

Ilika plc Commercialisation is in the ascendency

Ilika Plc (LON:IKA) is the topic of conversation when we caught up with Liberum Equity Research Analyst, Sam Wahab. We asked Sam:

What were the key points investors should be aware of?

First deliveries to Blink Energy and now to CubeWorks and Lura Health suggests commercialisation of Ilika’s medical SSBs is in the ascendency. Ongoing discussions with Cirtec remain encouraging with regards to Stereax outsourcing to the US and we would not be surprised to see a positive near-term outcome. At Goliath, the company is targeting Li-ion energy density parity by the end of 2023(currently >80%) ahead of implementing a scale-up to mega-factory scale in order to support a commercial roll-out of a small portfolio of electric hyper and super car models. Ilika’s share price (albeit +100% YTD) continues to reflect material value to investors in our view.

Have you adjusted your forecasts in any way?

No change as yet, but once details of existing shipments are made public (i.e quantity, ASP etc) and discussions conclude with Cirtec – we will revisit.

How do you see the company in terms of fair value?

Currently we model Stereax on a FY25E 20x multiple on 30,000 units sold which is very conservative given recent events. Goliath is on 20x 2040E EV/EBITDA. Overall 60p/share TP ahead of details outlined above – scope to revisit once we have more information on shipments/discussions etc.

Ilika is a pioneer in solid state battery technology, enabling solutions for applications such as Industrial IoT, MedTech, EV and Consumer Electronics.

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Tom McColm Baden Hill

Ilika well placed and making good progress (Analyst Interview)

Ilika plc (LON:IKA) is the topic of conversation when Clean-tech Equities Specialist at Baden Hill, Dr Tom McColm joins DirectorsTalk. Tom talks us through the company full-year results for the year ended 30th April 2021, explains his FY22 forecasts, what investors should be looking out for in terms of positive news flow and shares his thoughts on the best way forward for Ilika in terms of the larger-format battery Goliath program for EVs.

https://vimeo.com/572434655

Ilika is a pioneer in solid state battery technology, enabling solutions for applications such as Industrial IoT, MedTech, EV and Consumer Electronics.

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Broker Notes & Comments

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Data policy – All information should be used for indicative purposes only. You should independently check data before making any investment decision and or seek professional advice. DirectorsTalk cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used.