Ilika progressed the implementation of Stereax manufacturing plans and accelerated its Goliath development

Ilika plc (LON:IKA), a pioneer in solid-state battery technology, has provided an update on trading for the six months ended 31 October 2021.

Operating Highlights

Goliath Programme

The Company successfully concluded an equity placing in July 2021 to fund the development and scale up of the Company’s Goliath large format solid-state battery technology. This funding will be used to develop the technology through Li-ion equivalence by the end 2022 and to increase the throughput of the Goliath pilot line in Romsey from 1 kWh/week to 10 kWh/week in 2023. Beyond that, once cell manufacturing readiness is achieved in 2024, Ilika will transfer production to a mega-scale facility such as the UK-BIC, with which it has a framework agreement, before moving to Giga-scale through a JV or licensing.

The Company’s initial collaborations with its Faraday Battery Challenge partners including Honda, JLR and McLaren, have been completed. Work continues with Comau in a programme funded by the APC (Advanced Propulsion Centre) to design the Goliath mega-scale facility. Discussions are also progressing with other supply chain partners to support materials supply and cell manufacturing scale-up implementation.

Stereax

The Company has made significant progress in implementing its manufacturing scale-up plans for StereaxÒ, Ilika’s miniature solid-state batteries designed for industrial wireless sensors in hostile environments and medical implants. Outfitting of the fabrication facility (FAB) has been successfully completed and the key tools have been commissioned for its proprietary cell manufacturing process. In line with previous guidance, process qualification is expected to take until the end of 2021, with product qualification starting in Q1 2022. Product sales, which are expected to commence in Q2 2022, will be ramped up to match demand from a portfolio of customer new product development (NPD) programmes, with an initial focus on miniature medical devices.

Financial Highlights

Recognition of the initial allocation of Faraday Battery Challenge grant funding was completed at the start of the period, resulting in revenue recognition for the period of £0.2m, which was reduced relative to the same period in the previous year (H1 2021: £1.3m). The EBITDA loss for the period increased to £2.7m (H1 2021: loss of £1.0m) due to the reduction in revenue recognition and the increase in operational costs associated with the commissioning of the Stereax manufacturing facility and an intensification of the Goliath development programme. The environment for grant funding has become tighter but we expect around £0.2m in H2. Cash and cash equivalents at the period end were £27.7m following the placing, retail offer and open offer in July raising a net £23.7m (Cash and cash equivalents H1 2021: £12.4m).

Notice of Results

Ilika expects to announce half-year results for the six months ended 31 October 2021 on Thursday 20 January 2022.

Analyst Briefing

The management team will be hosting a remote analyst briefing on the day, 20 January 2022, at 9.30am. Analysts who wish to attend should contact Lianne Applegarth at Walbrook PR on +44(0)20 7933 8780 or email ilika@walbrookpr.com to register. 

Investor Presentation

An investor presentation will be held on the day, 20 January 2022, at 4.30pm and will be hosted through the digital platform, Investor Meet Company. Investors can sign up to Investor Meet Company for free and add meet Ilika plc. For more information please contact Walbrook PR at ilika@walbrookpr.com. 

Capital Markets Day

As announced on 10 November 2021, Ilika is hosting a capital markets day at its facilities in Hampshire, UK for investors and analysts on Friday 10 December 2021. Two sessions will be hosted, one in the morning welcoming analysts and institutional investors and one in the afternoon welcoming private investors.

All attendees must register through Walbrook PR to reserve a space, which are limited. For more information and to register, please email ilika@walbrookpr.com or telephone Walbrook PR on the number below.

Ilika’s CEO Graeme Purdy, stated: “Despite ongoing supply chain disruptions and the operational challenges posed by the restrictions accompanying the COVID-19 pandemic, Ilika has progressed both the implementation of its manufacturing plans for Stereax and accelerated the development of its Goliath large format cells. We look forward to maintaining the on-schedule implementation of our plans in the second half of our current financial year and updating the market on our progress.”

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